ASK Property Fund divests its investment in a 49-acre Shriram Properties projects
ASK Property Fund, the real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group, has divested its investment in a 49-acre plotted development project developed by Shriram Properties.
The domestic alternative investment fund had invested Rs 85 crore in Shriram Pristine Estates in Bengaluru, from ASK Real Estate Special Opportunities Fund IV (RESOF IV) fund in 2022. The exit from the investment yielded an internal rate of return (IRR) of 20% and an investment multiple of 1.24x on their quasi-equity investment in less than 18-months.
“This investment is a classic example of an opportunity arising from industry consolidation, as robust sales ensured a successful exit for us. This is part of our platform agreement with Shriram Properties, and we intend to actively participate in their expansion and growth in the near future. Lakshmipathi Chockalingam, Managing Partner-South, ASK Property Fund.
Shriram Pristine is a plotted development project in Doddaballapur, a prominent suburb in North Bengaluru with a saleable area of 0.8 mn sq ft. The plotted development was acquired from IIFL in December 2022. It marked the company's initial acquisition under the co-investment platform established with the ASK Property Fund. Separately, it also acquired 100% development rights in a residential project in Chennai with a total saleable area of 1.9 mn sqft.
“The mid-segment real estate market has demonstrated strong resilience and rapid growth in recent years, creating significant opportunities for
