ASK Property Fund announces exit from Gulshan One 29 with an IRR of 21%
Mumbai, November 21, 2022: ASK Property Fund (“ASK”), the real estate private equity arm of the ASK Group, announced its exit from Gulshan Homz’s project, Gulshan One29 in Noida. An investment of ₹125 cr. was done in September 2020 and has achieved an Internal Rate of Return or IRR of 21%.
Amit Bhagat, CEO & MD, ASK Property Fund said, “We realised the counter cyclical opportunity in the market for investment in 2020 and accelerated our efforts for identifying opportunities. Noida has been a preferred market for us since 2010 since it has a strong job corridor and is supported by good physical and social infrastructure. Gulshan’s focus on execution and customer service were the key parameters for us to partner with them during tough times.”
Deepak Kapoor, Director, Gulshan said, “Covid time was challenging, but the ASK team has an excellent understanding of Noida market, which was reflected in their approach to investment. The patient capital with focus on completion helped us through the most difficult period. I am optimistic that we will have many more possibilities to collaborate.”
About ASK Property Fund | ASK Property Fund, [Registered entity: ASK Property Investment Advisors Pvt. Ltd. (ASK PIA)] is the alternate asset investment arm of the ASK group set up to manage and advise real estate dedicated funds. The focus is on private equity investments in self-liquidating mid-income & affordable residential and commercial segments. ASK PIA has raised around ₹5,000 cr (US$ 800 mn) since 2009 and investors include Family Offices, Ultra High Net Worth Individuals (UHNI), High Net Worth Individual (HNI) and Institutions.
About ASK Group | ASK is a leading player in the asset & wealth management business and primarily caters to the HNI and UHNI market with over three decades of presence. ASK has been a true believer in the Indian growth story and over the years has grown hand-in-hand with its clients across the globe. ASK is represented in India through its three key businesses: Portfolio Management Services & Alternative Investment Funds – ASK Investment Managers Ltd.; Real Estate Private Equity – ASK Property Fund; and Wealth Advisory and Multi-Family Office Service – ASK Private Wealth. It has over 25 offices and branches across India, Dubai, and Singapore. It caters to multiple asset classes and investors (such as HNI, institutional, family office, pension funds, funds of funds and sovereign wealth funds) across Asia, the Middle East, Africa, and Europe. ASK group manages assets over ₹ 79,000 cr (US$ 9.55 bn).
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