ASK Property Investment Advisors (ASK PIA), which cut its target for a new realty fund as it hit first close earlier this year, said Tuesday it has clocked cumulative exits of Rs 830 crore, or a little over $100 million, since January from various funds.
The firm said it recently exited from Gulshan Homz project, Gulshan Dynasty, in Noida, near New Delhi. The exit amount was Rs 220 crore, generating a multiple of 1.63x and internal rate of return (IRR) of 21%. The exit was self-liquidating with periodic distributions from sales and collection of the project.
With the latest exit, ASK’s exit has added up to Rs 830 crore in 2022 and cumulative total of Rs 1,300 crore since April 2021 across all real estate investments. The average return across 18 completed exits is 22.33%. Some of the other notable exits are Jewel Square and Kumar Prospera in Pune, TVS Green Enclave in Chennai, and Gulshan One 129 in Noida.
Amit Bhagat, CEO and MD, 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 growth capital in such thriving markets.”
The real estate market in Noida is anticipated to experience significant growth due to infrastructure improvements, continued growth of employment clusters, and focus of global players to set up data centres.
ASK PIA is the alternative asset investment arm of the ASK group set up to manage and advise real estate dedicated funds. It is focused on private equity investments in self-liquidating mid-income and affordable residential and commercial segments.
It has raised around Rs 5,000 crore since 2009 and investors include family offices, ultra-high net worth individuals (UHNI), high net worth individuals (HNI) and institutions.
The investment firm had floated ASK Real Estate Special Opportunities Fund–IV in July 2021. This is the sixth real estate fund by the firm.
It marked the first close at Rs 610 crore ($80 million), lower than its original target after seeing the milestone get stretched.