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ASK Group said it had achieved the first closure of Rs 520 crore for its Rs 1,000 crore domestic real estate fund.
ASK Property Investment Advisors launched the Rs 1,000-crore domestic real estate fund with an initial close of Rs 500 crore along with a green shoe option of an identical amount.
ASK would continue to raise an additional Rs 480 crore for the final close.
The fund has been raised primarily from individual high net worth investors and family offices, said Mr Amit Bhagat, CEO and Managing Director, ASK Property Investment Advisors.
“It will invest in mid segment residential projects in top seven cities (Delhi-NCR, Mumbai, Chennai, Bangalore, Pune, Kolkata, Hyderabad). We will continue the strategy of investing in city and suburban centric, smaller gestation projects which can be launched in 12 months from the date of investment and can be completed in 3- 4 years from the date of launch,” he said.
Mr Sunil Rohokale, Executive Director, ASK Investment Holdings, said, “Counter cyclical opportunity due to liquidity crunch and high interest rate present a risk diversification and expansion opportunity for developers and hence a win-win for developers and private equity to reap the benefit of the ensuing growth opportunities and increasing urbanisation.”
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