Private equity firm ASK Property Fund, which had invested Rs 80 crore in 2018 in a housing project built by Naiknavare Developers, has exited from this project at Rs 156 crore, almost doubling its investments.
In a statement on Monday, the company said it has made a “successful exit of Rs 156 crore from Avon Vista, a project being developed by Naiknavare Developers”.
ASK Property Fund is the real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group.
The project is located in Balewadi, Pune, comprising of 613 units.
“ASK Property Fund had invested Rs 80 crore in this project in 2018. The recent exit has achieved a targeted IRR (internal rate of return) of 21 per cent and a 2x multiple of the capital invested,” the statement said.
The healthy absorption and completion of the project have led to a successful exit from the project.
“This was a recapitalisation opportunity and before the NBFC crisis. By providing the requisite and flexible working capital, we ensured the project’s completion, supported by sales during the life of the project.
“The investment was self-liquidating with regular cash flow from the sales and collection linked to milestone,” Amit Bhagat, Chief Executive Officer and Managing Director of ASK Property Fund, said.
Sunil Rohokale, MD & CEO of ASK Asset & Wealth Management Group, said that Pune is primarily an end-user market and is one of its preferred cities for investment.
ASK Property Fund is the alternate asset investment arm of ASK Asset & Wealth Management Group set up to manage and advise real estate dedicated funds.
The focus is on private equity investments in self-liquidating mid-income and affordable residential and commercial segments.
ASK Property Fund has raised around Rs 6,100 crore since 2009 and investors include family offices, ultra high net worth individuals (UHNI), high net worth individuals (HNI) and institutions.
