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Blackstone-backed ASK Property Fund invests INR 190 crore in Kalpataru project

ASK Property Fund, the real estate private equity arm of Blackstone backed ASK Asset & Wealth Management Group, has announced the successful investment of INR 190 crore in a project being developed by Kalpataru. The project is an upper mid-segment project, located in Borivali West, comprising 310 units and is spread across 6 acres with a total saleable area of about 6.5 lakh square feet.

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Blackstone backed ASK Group’s ASK Property Fund has exited from Naiknavare project with 21% IRR and multiple of 2x

Amit Bhagat, CEO & MD, ASK Property Fund said, “This was a recapitalisation opportunity and before the NBFC crisis. By providing the requisite and flexible working capital, we ensured the project’s completion, supported by sales during the life of the project. The investment was self-liquidating with regular cash flow from the sales and collection linked to milestone. We truly believe all projects in the established suburbs which are job clusters have healthy absorption if completed as per committed timeline.”