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ASK Group, a financial services company, closed the first tranche of $50 million (Rs 310 crore) of its $200-million (Rs 1,240 crore) offshore real estate focused fund.
The fund is being managed by ASK Capital Advisors, the Singapore-based subsidiary of the Group.
It will invest in mid-segment residential realty projects in five cities — Mumbai, Pune, Chennai, Bangalore and Delhi-NCR.
“Large institutions, pension and endowment funds, fund of funds and family offices will be our key priority for the next phase.
“We will be focusing on markets including Europe, the US, Middle East and Asia,” said Sunil Rohokale, Managing Director and Chief Executive Officer, ASK Group.
The Group manages real estate assets of Rs 1,800 crore domestically through two funds and debt structures.
It had committed 100 per cent of its first fund worth Rs 340 crore and Rs 540 crore, of the second fund of Rs 1,000 crore.
Till 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 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,” Rohokale added.
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