DELHI: ASK Group, a diversified financial services group, today announced the first close of $50 million of their $200 million offshore real estate focused fund.
With this announcement the ASK Group has succeeded in beating the negative investor sentiment surrounding India focused funds and emerge as a leading Real Estate investment player in the country. The fund is being managed by ASK Capital Advisors PTE, the Singapore based subsidiary of the ASK Group and will invest in mid-segment residential realty projects in top five cities — Mumbai, Pune, Chennai, Banga-lore and Delhi-NCR.
While commenting on the announcement, Sunil Rohokale, MD & CEO, ASK Group said, "The current fund raising environment is challenging but the fact that the ASK group has raised this offshore money in tough times proves that investors are willing to associate with a group having sound & focused investment strategy with a superior track record of performance. Our understanding of Indian real estate sector and strategy of partnering with prudent and reputed developers at bankable project level has been appreciated well by our investoRs "
ASK Group manages Real Estate assets of Rs 1800 crore domestically through its two funds and debt structures. The group had already committed 100% of its first fund worth Rs 340 Cr and has committed Rs 540 crore out of the second fund of Rs 1,000 croreTill date the group has invested Rs 700 crore and made an exit of Rs 145 crore from the first fund. "While fund raising will gain momentum after our first close, we will be actively looking at investing in projects. We will be investing over Rs 500 crore in the next 12 months in Pune, Bangalore and Chennai." added Rohokale.