ASK Property Fund (ASK), the real estate private equity arm of the ASK Group, announced cumulative exits worth Rs 830 crore from various funds in 2022.
The real estate private equity firm recently exited from Gulshan Homz’s project, Gulshan Dynasty in Noida for an exit amount of Rs 220 crore, translating into an internal rate of return (IRR) of 21%. The exit was self-liquidating with periodic distributions from sales and collection of the project.
Subsequently, this latest exit has taken the cumulative total to Rs 830 crore in 2022 and Rs 1,300 crore since April 2021 across all its real estate investments. The average return across 18 completed exits is 22.33%. Jewel Square and Kumar Prospera in Pune, TVS Green Enclave in Chennai, and Gulshan One 129 in Noida are some of the notable ones from the 18 exits.
Commenting about the exit, Amit Bhagat, chief executive officer and managing director of ASK Property Fund said “Gulshan Dynasty was the second exit from Gulshan Homz, following the successful exit of Gulshan One 129. Noida is one of our chosen markets and ASK Property Fund is looking forward to deploying additional capital in such thriving markets.”
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 individual (HNI) and institutions.
It is 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 & alternative investment funds, real estate private equity and wealth advisory, and multi-family office services.
