ASK Group's ASK Property Fund announces outflow of Rs 350 crore

ASK Property Fund, the real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group, has announced a successful Rs 354-crore exit from QVC Realty Developers. The investment amount was Rs 200 crore and achieved a multiple of 1.8 times the invested capital with an IRR of around 20%. The investment was in a portfolio of three projects, one in Bengaluru and two in Gurgaon. The two projects are located in Gurgaon on the Dwarka Expressway, while the third project is located in Nandi Hills in Bengaluru. The invested projects are a mix of villas and divided urbanization. The successful exit was achieved within 4 years.

Amit Bhagat, CEO and CEO of ASK Real Estate Fund, said: “We are pleased with the returns we have achieved over an average investment of 4 years. The good returns can be attributed to our choice of project and entry point with a margin of safety. Demand for villas and planned developments has also increased post-pandemic and provided a targeted and timely outlet. We are constantly focusing on identifying opportunities with an investment horizon of 3 to 5 years coinciding with project completion.”

Sunil Ruhukali, Managing Director and CEO of ASK Asset and Wealth Management Group, said: “The real estate cycle has changed due to the continuous increase In uptake by end users and supply constraints. We will continue to focus on the mid-range segment led by the residential end user. The residential sector is one of the preferred asset sectors around the world, in addition to logistics services and data centers. Active asset management continues to be our strength and differentiation. ASK Property Fund is well positioned to provide suitable investment solutions for high net worth individuals looking to participate in the golden decade of the real estate sector.”