New Delhi, Jan. 19 -- ASK Property Fund, part of the Blackstone-backed ASK Asset & Wealth Management Group, has made an investment of Rs 210 crore ($23.1 million) in Gami Group's two projects in Navi Mumbai, the companies said in a statement.
The projects are located in Navi Mumbai's micro markets CBD Belapur and Ghansoli.
"This investment signifies ASK's initial foray into the Navi Mumbai market, which has experienced considerable momentum due to significant infrastructure upgrades such as the NMIA [Navi Mumbai International Airport] and improved connectivity with Mumbai via Atal Setu. Moreover, CIDCO's planned allocation of land for residential and commercial use, along with intracity connectivity, has boosted Navi Mumbai's real estate market. Both these projects represent a remarkable investment opportunity, given their prime locations within well-established catchment areas," said Bhavin Jain, chief investment officer CIO, ASK Property Fund.
Ambalal Gami, founder, Gami Group said, "This investment marks the beginning of our collaboration with ASK Property Fund. We believe both projects have appealing configurations and ticket sizes to cater to buyer preferences."
Navi Mumbai-based Gami Group claims to have completed over 30 projects across 3.7 million square feet of developments. Currently, it is managing 7.6 million square feet of ongoing construction and planning 5.4 million square feet of upcoming projects.
Other investments
Recently, ASK Property Fund invested Rs 340 crore ($38 million) across three residential projects of real estate developer Mantra Group.
ASK Property Investment Advisors Pvt. Ltd. (ASK PIA), which manages the realty-focussed funds housed under the group, has raised over Rs 8,700 crores ($ 1.3 bn) since 2009 and its investors include family offices, ultra high net worth individuals (UHNIs), high net worth individuals (HNIs) and institutions.
Blackstone-backed ASK Asset & Wealth Management Group primarily caters to the HNI and UHNI clientele. Its diversified businesses comprise of portfolio management services & alternative investment funds - ASK Investment Managers; Real Estate Private Equity -ASK Property Fund; Wealth Management and Multi-Family Office Service - ASK Private Wealth; Long/short funds - ASK Hedge Solutions; NBFC - ASK Finance; Private Credit - ASK Alternates and international business arm - ASK Capital.
It has over 20 offices and branches across India, Dubai, and Singapore, operates across multiple asset classes and services investors across Asia, the Middle East, Africa, and Europe.
Published by HT Digital Content Services with permission from VC Circle.