ASK group exits from investment in realty projects for Rs440cr

Financial services firm ASK group's real estate private equity arm has exited from investment in the projects at Noida, Bengaluru and Thane for Rs 440 crore.
ASK Property Investment Advisors (ASKPIA) has exited from ATS Infrastructures' Noida project 'ATS Le Grandiose' located on Noida-Greater Noida Expressway for Rs 121 crore.
"ASK had invested Rs 66 crore with ATS Group in Feb 2014 and in three years, the same has fetched an IRR of 27 per cent and a multiple of 1.85," ASK said in a statement.
The investment was made from ASK PIA's domestic fund 'ASK Real Estate Special Opportunities Portfolio II'.

"The part exit of Rs 151 crore is from 'ASK Real Estate Special Opportunities Fund', in the Shriram Properties Pvt Ltd's Bengaluru project 'Chirping Woods' located on off Sarjapur Road.
ASK had invested Rs 90 crore with Shriram Properties Pvt Ltd in September 2012 and has achieved a 1.71 multiple with this part exit and the company is targeting multiple of more than 2 from this investment.

ASK had also raised a structured debt for 'Rumah Bali' project at Thane by Puraniks in March 2016 and has exited with Rs 168 crore. The exit has garnered returns of 19 per cent.

ASK in last four years has raised over Rs 575 crore through NCD route and with this exit, NCD portfolio stands fully exited at over Rs 713 crore, the company said.
"The era of consolidation has clearly established the increased importance of partner selection, location, margin of safety and risk management. We have repeatedly proved our disciplined framework and sustainability of superior risk adjusted returns," said Amit Bhagat, MD & CEO, ASK Property Investment Advisors.
ASK funds have demonstrated exit track record of over Rs 1,850 crore through its seven full and nine part exits clocking returns in the range of 21-27 per cent IRR, said Sunil Rohokale, MD & CEO, ASK Group.

ASK Group through its Real Estate investment advisory business manages Rs 4,000 crore and has committed over Rs 2,500 crore in 21 projects.