ASK Group exits investment in Pune property for Rs 87 crore

Private equity firm ASK Group today said it has exited its investment in a Pune residential project, developed by realty player Darode Jog Properties, for Rs 87 crore.

The investment of Rs 37 crore made in the project has given a return of 2.35 times recording an IRR (internal rate of return) of 30%, a release issued here said.

"This exit yet again demonstrates the success of ASK Group's focused strategy of investing in mid segment residential real estate projects, in top metros, in partnership with experienced and reputed developers," ASK Property Investment Advisors CEO and Managing Director, Amit Bhagat said.

The Darode Jog Properties investment made in Livano was made over a phased manner between September 2010 and March 2011, from the firm's first Rs 326 crore special opportunities portfolio, the release said.

"With this exit we have managed to return 70% of the first fund to investors and are confident of completely exiting it (first fund) in the current financial year with good returns," Bhagat said.

In April 2012, the company exited its investment in ATS - One Hamlet in Noida while clocking an IRR of 54% and a multiple of 2.45 in just two years.

ASK raised its maiden fund in 2009 and has fully deployed the same by March 2012, in seven projects in four cities including Pune, Delhi, Chennai and Mumbai.

For this fund, the group partnered developers like Darode Jog, Paranjpe Schemes and Amit Enterprises in Pune, ATS in Noida, Real Value and Mantri Developers in Chennai and Godrej Properties in Mumbai.

"We will continue with the same degree of care and diligence while selecting investments for our other funds to provide superior risk adjusted returns to our investors," Bhagat said.