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TVS, ASK join hands for realty fund

ASK Property Investment Advisors recently raised Rs 535 crore for its seventh real estate fund

BS Reporter  |  Mumbai 

Realty
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Emerald, the arm of Motor Company and Property Investment Advisors (PIA) have partnered to set up Rs 400 crore investment platform. PIA is the private equity manager of Group.

Both partners will jointly infuse money. The capital raised will be invested in affordable mid-income housing projects, said in a release on Monday.

Through this platform the partnership has also announced its first investment in Porur, Chennai.  The project is being developed on a 10 acre land parcel having 5,48,000 sq ft of saleable area with an investment of Rs 83 crore.

Property Investment Advisors recently raised Rs 535 crore for its seventh fund from domestic high net-worth individuals. The fund has a corpus of Rs 2,000 crore.

Amit Bhagat, MD & CEO, Property Investment Advisors (PIA) said, “We at PIA, strongly believe that affordable and mid- segment market offers huge growth potential and this is in sync with the Emerald’s core purpose of providing better living space to the urban middle class. The collaboration leverages each other’s strength while PIA is synonymous with high quality research, comprehensive risk management framework and focused asset management, Emerald brings in quality, and high brand equity amongst consumers.” 

R. Chandramouli, President & CEO, Emerald said, “Experience, expertise, enthusiasm, and knowledge that PIA team brings will surely add to the value proposition that Emerald has always envisioned to deliver to our customers.  Our endeavour is always to delight customers by fulfilling aspiration of the urban middle class in their quest for a better living space.” 

First Published: Mon, September 04 2017. 16:08 IST