ASK Group exits ‘Rajesh Lifespaces’ Mumbai investment at a multiple of 2.26
New Delhi, May 26, 2015: Financial services group - ASK, a leading player in the Real Estate Private Equity business, has announced its exit from Raj Altezza, a project by Rajesh Lifespaces in Mulund, Mumbai. The investment was made in August 2011, from ASK Group’s second fund of Rs 1000 cr, ‘ASK Real Estate Special Opportunities Fund’. The investment totalling Rs. 55 Cr has given a multiple of 2.26 amounting to an exit value of Rs. 124.4 Cr thereby recording an impressive IRR of 26%. This is the first exit from ‘ASK Real Estate Special Opportunities Fund’, which was raised in 2011-2012 and is fully committed in Mumbai, Pune, Bengaluru and NCR. In this calendar year ASK Group had exited from its Pune investments with Amit Enterprises and Paranjape Schemes returning a multiple of 2.53 and 1.80 times respectively. Additionally, the group has exited from ‘ ATS ONE Hamlet’, a project of ATS Group in Noida, with a multiple of 2.45 in just over two years and ‘Liviano’, a project by Darode-Jog Developers in Pune, which returned a multiple of 2.35 in just over three years.
Commenting on the exit, Mr. Amit Bhagat, MD & CEO, ASK Property Investment Advisors, said, “Our disciplined approach of investing with prudent developers has yielded returns in multiples with targeted IRR’s. Both multiples and IRR are equally important to equity investors. We have chalked out detailed plans of exits from other investments over the next 6 to 12 months with targeted returns for our investors.” Mr. Sunil Rohokale, MD & CEO, ASK Group, said: “ASK funds have demonstrated exit track record of close to Rs. 1000 Cr clocking returns in the range of 2.25 to 2.5 times and this performance has been highly appreciated by investors. After a successful returning of capital equivalent to our investors from the first fund, this exit yet again demonstrates the success of ASK Group’s focused strategy of investing in mid segment residential real estate projects, in top metros, in partnership with experienced and reputed developers.” ASK Group through its Real Estate Business manages an AUM of Rs 3000 crore and has committed Rs 1800 crore in 16 projects spread over 18mn sq ft during the last 18 quarters.