New Delhi, March 24 -- ASK Property Fund, the real estate investment arm of ASK Group, has exited its investment in Mahagun Group's Noida project, clocking an internal rate of return (IRR) of 21% and a 2.1x multiple, the company said in a statement.
The firm had invested Rs 310 crore ($33 million) in the project in 2021 and has now realized a total of Rs 650 crore.
The exit comes alongside strong returns delivered by the firm's debt fund. "With this, we are also proud to announce the complete exit of Rs 1,500 crore in our debt fund, raised in 2018, with an investment multiple of 1.83x," said Amit Bhagat, co-founder, chief executive officer and managing director of ASK Property Fund. "The fund's performance underscores the attractiveness of counter-cyclical opportunities in real estate, where judicious entry points and diligent risk/asset management continue to create value for investors."
The firm said it will continue to identify and capitalize on growth and solution capital for real estate investments, delivering consistent risk-adjusted returns.
Since 2009, ASK Property Fund has raised Rs 9,100 crore ($1.3 billion at the exchange rates at the time of each investment) and invested across projects in Mumbai Metropolitan Region, National Capital Region, Bengaluru, Pune and Chennai.
Its investors include family offices, ultra-high-net-worth individuals (UHNIs), high-net-worth individuals (HNIs), and institutions.
Recently, the firm has backed a bunch of projects across the country. It invested Rs 210 crore in Gami Group's projects in Navi Mumbai, in micro markets such as CBD Belapur and Ghansoli. It also backed three residential projects by Mantra Group.
Meanwhile, ASK Group recently received regulatory approval from the Securities and Exchange Board of India (SEBI) to commence mutual fund operations in India.
Published by HT Digital Content Services with permission from VC Circle.