ASK Group ex­its ‘Ra­jesh Lifes­paces’ Mum­bai in­vest­ment at a mul­ti­ple of 2.26

Accommodation Times - - Front Page -

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.

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