BWI: ASK Group raises Rs 520 crs Real Estate Fund

Press release from Business Wire India
Source: ASK Group
Tuesday, June 28, 2011 08:07 PM IST (02:37 PM GMT)
Editors: General: Consumer interest; Business: Banking & financial services, Business services, Construction, Real estate
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ASK Group raises Rs 520 crs Real Estate Fund


Mumbai, Maharashtra, India, Tuesday, June 28, 2011 -- (Business Wire India) -- ASK Group today announced the first closure of Rs. 520 crores of it's Rs. 1000 crore domestic real estate fund. ASK Property Investment Advisors had launched Rs 1000 crores domestic real estate fund with an initial close of Rs 500 crores and a green shoe option of Rs 500 crores. The company stated that the fund will continue to raise additional Rs 480 crores till its final close.

The fund has been raised primarily from individual high net worth investors and family offices said Mr. Amit Bhagat, CEO & Managing Director, ASK Property Investment Advisors Pvt Ltd. He further stated that, "The fund is focused on asset management and risk management as its core differentiators. It will invest in mid segment residential projects in top seven cities in partnership with prudently managed developers. We will continue the strategy of investing in city and suburban centric, smaller gestation projects which can be launched in 12 months from the date of investment and can be completed in 3- 4 years from the date of launch."

Mr. Sunil Rohokale, Executive Director of ASK Investment Holdings, said, "The fund continues to look for compounding opportunities and does not prefer only an opportunistic play. Counter cyclical opportunity provided due to liquidity crunch and high interest rate presents a risk diversification and expansion opportunity for developers and hence a win-win for developers and private equity to reap the benefit of the ensuing growth opportunities and increasing urbanization. Sunil Rohokale also mentioned that "High net worth individuals have understood the compounding power of investing through the fund route which targets the development margins without relying on property appreciation."

Mr. Sunil Rohokale highlighted the fact that, "This is the second real estate fund from ASK group. The first fund of Rs 340 crores was raised in 2009 which has been committed in six investments. The ASK Group currently has real estate assets under management of Rs 850 crores which will cross Rs 1500 crores mark shortly."


CONTACT DETAILS
Mr. Salil Vaidya, Head Marketing, ASK Group, +91 (22) 66460032, svaidya@askgroup.in

KEYWORDS
CONSUMER, BANKING, BUSINESS SERVICES, CONSTRUCTION, REAL ESTATE

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