ASK Group Raises Rs. 535 Cr; Announces First Closure of its 1000 Cr. Fund

The Property Show on NDTV  |  July 24, 2017

ASK Group’s Funds Under Management crossed Rs.4,500 Cr
ASK Group’s Funds Under Management crossed Rs.4,500 Cr

Mumbai: ASK Property Investment Advisors (ASK PIA), the real estate private equity arm of ASK Group, announced initial close of its Rs.1,000 Cr. (with a  Greenshoe option of Rs. 1,000 Cr.) seventh domestic fund – ‘ASK Real Estate Special Situations Fund – I ( RESSF-I). ASK has raised Rs. 535 Cr. for this fund as on date.

Further reinforcing ASK PIA fund management capability and investment processes, CRISIL has assigned its 'CRISIL Fund Management Capability Level – 1' rating to the ASK Real Estate Special Situations Fund-I (ASK RESSF-I) scheme. CRISIL Fund Management Capability Level – 1 is a rating that possesses 'highest' standards in fund management capability and investment processes.

While making the announcement, Amit Bhagat, MD & CEO, ASK Property Investment Advisors said, “The objective of this fund is to provide flexible and patient capital. Currently, developers’ balance sheets, as well as individual projects, are facing a cash crunch. Our strong research team identifies bankable projects that need this capital. In our view, focus on construction and project completion coupled with declining home loan interest rates will revive residential real estate demand leading to an improvement in cash flows sufficient to generate returns. This strategy also complements the Real Estate (Regulation and Development) Act which focuses on completion. Keeping in mind the current requirement of the developer, structured/preferred equity investments are planned to be provided through this fund. The fund will be focusing on investing in mid segment and affordable residential projects and generating sustainable risk adjusted returns.”

 

Mr. Sunil Rohokale, MD & CEO, ASK Group said, “At ASK the guiding principle is client centricity and in our differentiated approach in equity and structured equity investments. ASK PIA partnering with trusted developers has resulted in successful exits, close to Rs. 2,000 Cr. We have a successful track record of raising funds through institutions and family offices of which majority of commitment is from existing investors in this fund. I am delighted that the trust from our client is further strengthened by ‘CRISIL Fund Management Capability Level – 1' rating. This year, we would like to deploy Rs. 1,000 Cr. with average investments of up to Rs. 200 Cr.  Our strategies are in line with customer needs, market situations, economic conditions and government policies, hence we are certain of a bright future.’’

ASK Real Estate Special Situations Fund will continue with its strategy to stay focused only on top 6 cities (Mumbai, Delhi-NCR, Chennai, Bengaluru, Pune, and Hyderabad), investing and partnering reputed and bankable developers. The investments will be in launched projects at the construction stage with all requisite approvals in place.

Private Equitypropertyreal estateRERA

85 thoughts on “ASK Group Raises Rs. 535 Cr; Announces First Closure of its 1000 Cr. Fund”

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