ASK Property Investment Advisors said it has achieved the financial closure for its second real estate fund of Rs 1,000 crore.
ASK Group mobilised money from high networth individuals and Ultra HNI investors across 10 cities by partnering private banking arms of institutions including ICICI Bank, Barclays Wealth, Standard Chartered Bank and Future Capital.
The ASK Group said it is geared to launch its first real estate focussed offshore fund based out of Singapore.
The significantly large corpus raised by this fund is in sharp contrast to the fund raising constraints seen by real estate funds and is possibly the highest raised domestically over the last 4-5 years, said Mr Sunil Rohokale, Managing Director of ASK Investment Holdings.
With this, ASK will have assets under management of over Rs 1,300 crore. Its maiden fund of Rs 326 crore raised in 2009-10 has been fully deployed across seven projects in four cities.
The ASK Group has partnered developers such as ATS Infrastructure in Noida, Paranjape Schemes, Amit Enterprises and Darode Jog in Pune, Sushil Mantri Group in Bengaluru, Real Value in Chennai and Rajesh Builders in Mumbai.
Mr Amit Bhagat, Managing Director, ASK Property Investment Advisors, said the current environment provides excellent counter-cyclical opportunities. This opportunity, combined with focused strategy of mid-segment housing in top five cities, in partnership with reputed developers will help provide superior risk adjusted returns.
In March 2012, ASK Property announced the investment from its fund in Mumbai. It picked up a 49 per cent stake in Godrej Projects Development for a Rs 700-crore redevelopment project in Chembur here. It has invested close to Rs 100 crore in the project.