[ad_1]
New Delhi: Shriram Properties And Ask Property Fund Ltd. has signed an MoU to set up an investment platform for acquisition of residential real estate projects.
Under the platform arrangement, Shriram and ASK will co-invest in plotted and residential development projects Bangalore, ChennaiAnd Hyderabad,
The total commitment towards the platform will be up to Rs 500 crore and the committed capital is expected to be deployed over the next 12 months. ASK will invest through its managed Category II AIF.
Shriram and ASK have already made their first investment under the new platform for a plotted development project in north Bengaluru.
The platform will invest up to Rs. 125 crores for acquisition and development of this project, which already has necessary approvals and also partially completed infrastructure development. The proposed project is to be launched during the third quarter of FY 2013, having a salable area of approx. 8 lakh sq. ft.
ASK Property Fund (ASK Property Investment Advisors) is the alternative asset investment arm of the ASK Group, established to manage and advise real estate dedicated funds. ASK PIA made approx Rs. 5,000 crore since 2009
[ad_2]
Source link