ASK invests Rs 125 cr in ATS' Noida project

The total investment in the Le-Grandiose project is now Rs 252 cr

Mumbai-based financial services group ASK said it had invested Rs 125 crore in ATS group’s Noida project, Le-Grandiose, taking its total investment in the project to Rs 252 crore.

ASK’s offshore fund had invested Rs 127 crore in the project in July 2014. The latest investment is the eighth from ASK Real Estate Special Opportunity Fund.  This will be the third project where ASK has partnered with ATS through the real estate private equity route.

Le-Grandiose is located at Noida’s Sector 150, across 20 acres, and has a total saleable area of 1.7 million square feet. The project focuses on mid-income households and will be completed in 2018.

Amit Bhagat, chief executive officer and managing director, ASK Property Investment Advisors, said: “Noida has emerged a preferred destination in the past few years thanks to its strategic location and proximity to important centres of the city. This investment fits perfectly in our strategy to invest in the top five cities and in mid-segment residential housing projects.”

This calendar year, ASK group has invested Rs 112 crore in Purvankara’s Bengaluru project and  has exited from three investments with good returns.

The group also exited from Mumbai’s Rajesh Lifespaces with a multiple of 2.26 in three years. Its other exits include two residential projects in Pune - Amit Enterprises and Paranjape Schemes - with a multiple of 2.53 and 1.80 times, respectively.

The group has also exited from ‘ATS ONE Hamlet’, a project of ATS Group in Noida in (2012), with a multiple of 2.45 in two years and ‘Liviano’, a project by Darode-Jog Developers in Pune in (2010), with a multiple of 2.35 in three years.
 
Through its real estate business, ASK manages an asset under management of Rs 3,000 crore. It has committed Rs 1,800 crore in 16 projects spread over 18 million square feet in the past 18 quarters.