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Ask Property Fundreal estate private equity arm ASK Grouphas passed Eldeco group project Eldeco Center in Delhi.
The fund which invested Rs 120 crores and has achieved an internal rate of return of 21%. The project is a commercial development consisting of retail and office space South Delhi,
“We identified this cyclical opportunity post demonetisation and decided to capitalize on the strong commercial demand of South Delhi. Healthy returns are the result of entry point, asset and partner selection. In a supply-constrained market, the acquisition of City-Centre built for leasing commercial development provided a rewarding exit,” said Amit Bhagat, CEO & MD, ASK Property Fund.
With the latest exit, ASK has made a cumulative exit of Rs 1,000 crore in calendar year 2022.
Last month, ASK Property Fund has exited Gulshan One 29 project of Gulshan Homes in Noida.
“Excellent metro connectivity, established neighbourhood, availability of public transport and social amenities are the primary reasons for strong demand in the area. New Delhi An established office space with a total stock of over 12 million sq ft and a stable vacancy rate of around 10-12% There is market.
ASK Property Fund has raised around Rs 800 crore and aims to raise Rs 1,500 crore by March 2023. They have already raised Rs 500 crore from this fund.
ASK Self-Liquidation focuses on private equity investments in the mid-income and affordable residential and commercial sectors. ASK PIA has raised around Rs 5,000 crore since 2009 from investors including family offices, high net worth individuals and institutions.
The alternative asset investment firm has also received approval for the first real estate-focused Fund of Funds in GIFT City for offshore investors.
Private equity investment in the real estate sector has continued to grow over the past few years, including the last two years amid the pandemic.
According to Vestian Commercial Real Estate Services, institutional investment in Indian real estate recorded an inflow of $3.4 billion during the first nine months of 2022, reflecting investor confidence in the sector.
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