ASK Property Investment Advisors (ASKPIA), the real-estate private equity arm of diversified financial services firm ASK Group, has exited its investment in ATS Infrastructure Ltd‘s housing project in Gurgaon for Rs 270 crore ($40.4 million).
The real estate firm sold the stake through its second domestic fund ASK Real Estate Special Opportunities Fund. It had invested Rs 147 crore in the project with ATS Group and has received a 1.82x return on its almost three years old investment with an IRR of 25 per cent, the company said in a press note.
Overall, this is the PE firm’s sixth exit and second from its ASK Real Estate Special Opportunities Fund II.
“Our first investment from the first fund was also with ATS in Noida, in a project, ‘One Hamlet’ which was delivered two years back. We have invested in six transactions with ATS and have exited completely in four,” said Amit Bhagat, MD&CEO, ASK Property Investment Advisors.
“ASK funds have demonstrated exit track record of close to Rs. 1400 crore through its six full and seven part-exits clocking returns in the range of 21-25 per cent IRR and this performance has been highly appreciated by investors. Our strategy to stay focussed in mid size residential projects and in six metros i.e. Mumbai, Delhi-NCR, Pune, Chennai, Bangalore and Hyderabad remains constant for future investments as well,” said Sunil Rohokale, MD & CEO, ASK Group.
In FY 16, ASK Group, which manages assets of around Rs 23,000 crore, invested Rs 365 crore in Rajesh Lifespaces’ Vikhroli project, Rs 125 crore with ATS group’s Noida project, Rs 112 crore in Purvankara’s Chennai project and has exited from three investments.
The group manages Rs 3,800 crore through its Real Estate investment advisory business and has committed Rs 2,200 crore in 21 projects.