ASK Property Fund, the real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group, has announced a successful exit of INR 354 crore from QVC Realty Developers.
The investment amount was INR 200 crore and has achieved 1.8x multiples of capital invested with an IRR of approx 20%. The investment was for a portfolio of three projects, one in Bengaluru and two in Gurgaon.
The two projects located in Gurgaon are situated in Dwarka expressway, while the third project is in Nandi Hills, Bengaluru. The invested projects are a combination of villa and plotted development. The successful exit was accomplished within a timeframe of 4 years.
Amit Bhagat, CEO & MD, ASK Property Fund said, “We are delighted with the returns we have generated during an average investment tenure of 4 years. The healthy returns can be attributed to our selection of projects and entry point with margin of safety. Demand of villa and plotted development also picked up post pandemic and provided timely & targeted exit. We are continuously focussed on identifying opportunities with investment horizon of 3-5 years coinciding with completion of the project.”
Sunil Rohokale, Managing Director and CEO, ASK Asset & Wealth Management Group said, “Real estate cycle has turned around due to sustained increase in end user absorption and supply constraints. We will continue to focus on residential end user driven mid segment. Residential is a favoured asset segment world over in addition to logistics and data centres. Active asset management continues to be our strength & differentiator. ASK Property Fund is well-positioned to bring the right investment solutions for HNIs looking to participate in the golden decade of real estate.”
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