ASK Property Investment Advisors has exited a residential project of Noida-based builder ATS Infrastructures in Gurgaon at an IRR (internal rate of return) of 25 per cent.

ASK had invested Rs 147 crore with ATS Group in July 2013.

The exit of Rs 270 crore is from ASK PIA’s second domestic fund ‘ASK Real Estate Special Opportunities Fund’, in the ATS Infrastructures’ Gurgaon project ‘ATS Tangerine’ located on Sector 99A close to the emerging growth corridor of Dwarka-Gurgaon expressway.

This is the second exit from ‘ASK Real Estate Special Opportunities Fund’.

ASK had raised its second fund in 2011-2012 which is fully committed in Mumbai, Pune, Bengaluru and NCR.

Amit Bhagat, MD&CEO, ASK Property Investment Advisors, said, “Our first investment from the first fund was also with ATS in Noida, in a project, ‘One Hamlet’ which was delivered two years back. We have invested in six transactions with ATS and have exited completely in four. “

Getamber Anand, CMD, ATS Infrastructures said, “ASK has always been our preferred partner due to their agility and understanding of the business. We will continue to focus on customers and in the process all stakeholders are automatically rewarded.”

Sunil Rohokale, MD & CEO, ASK Group, said, “This a yet another milestone achieved by ASK by returning almost 48% of the second fund equivalent in just over four years. ASK funds have demonstrated exit track record of close to Rs. 1400 crore through its six full and seven part exits clocking returns in the range of 21 per cent to 25 per cent IRR and this performance has been highly appreciated by investors. Our strategy to stay focussed in mid size residential projects and in six metros i.e. Mumbai, Delhi-NCR, Pune, Chennai, Bengaluru and Hyderabad remains constant for future investments as well.”

In FY 16, ASK Group had invested Rs. 365 crore in Rajesh Lifespaces’ Vikhroli project, Rs 125 crore with ATS group in Noida project, Rs.112 crore in ‘Purvankara’s’ Chennai project and has exited from three investments while garnering an impressive multiple.

The group has exited Mumbai’s ‘Rajesh Lifespaces’ investment with a multiple of 2.26 in over three years, and its investments in Pune with Amit Enterprises and Paranjape with a multiple of 2.53 (over 3 years ) and 1.80 times (less than 3 years), respectively.

Additionally, the group has exited from ‘ATS ONE Hamlet’, a project of ATS Group in Noida in (2012) , with a multiple of 2.45 in just over two years and ‘Liviano’, a project by Darode-Jog Developers in Pune in (2010), while returning a multiple of 2.35 in just over three years.

ASK Group through its Real Estate investment advisory business manages Rs 3,800 crore.

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