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Private equity player ASK Property Investment Advisors said it had raised a fourth fund amounting to ₹1,500 crore.
The ASK Real Estate Special Opportunities Fund would invest predominantly in self-liquidating residential projects in six major cities — Mumbai, Pune, Chennai, Bangalore, Delhi-NCR and Hyderabad.
Sunil Rohokale, CEO, ASK Group, said in a statement, “Our previous real estate funds have generated superior returns during tough times. This has encouraged us to launch a larger fund, considering the opportunities in the markets, and investors are willing to invest with a group that has a focused investment strategy. We intend to raise this through domestic institutions and high networth individuals.”
The ASK group has already raised two domestic funds, one of ₹317 crore in 2009 and the other of ₹965 crore in 2011-12. It has also launched a $200-million offshore fund. The company said that $11 million has already been invested in various projects.
Amit Bhagat, CEO, ASK Property Investment Advisors, said, “Our focused strategy of mid-segment residential projects and partnering with regionally strong reputed developers have been appreciated by investors.”
The company expects to complete the fund raising in the next 12 months. The ASK Group currently manages real estate assets worth more than ₹2,100 crore.
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