Ask Property Fund (Ask), the real estate private equity arm of Ask Group, on Monday announced an exit of Rs 120 crore (around $14.5 million) from Eldeco Centre, a retail and office building in South Delhi.
The exit achieved an internal rate of return (IRR) of 21%, multiplying investments to 2.54 times, Ask said in a statement.
On completion of this latest exit, Ask has made cumulative exits of Rs 1,000 crore from various funds in 2022. The PE firm has secured around Rs 800 crore in 2022 and plans on raising up to Rs 1,500 crore by March 2023. They have also committed Rs 500 crore out of this fund.
“The returns are the outcome of entry point, asset, and partner selection. In a supply-constrained market, the acquisition of city-centre built to lease commercial development provided a rewarding exit,” said Amit Bhagat, chief executive officer and managing director of Ask Property Fund.
The real estate private equity firm recently exited from Gulshan Homz’s project, Gulshan Dynasty in Noida, for Rs 220 crore, resulting in an IRR of 21%. Jewel Square and Kumar Prospera in Pune, TVS Green Enclave in Chennai, and Gulshan One 129 in Noida are some of the other notable exits made by the Ask fund.
Ask Property Fund has raised around Rs 5,000 crore ($800 million) since 2009 and its investors include family offices, ultra-high networth individuals (UHNI), high networth individuals (HNI), and institutions.
The fund is a part of the Ask Group which manages assets over Rs 79,000 crore ($9.55 billion) as on 31st October 2022 and has offices and branches across India, Dubai, and Singapore.
It caters to multiple asset classes and investors and has three major business arms - portfolio management services and alternative investment funds, a real estate private equity and wealth advisory, and multi-family office services.
