Exits from Gulshan Dynasty with an IRR of 21%
Mumbai, December 06, 2022 (GNI): ASK Property Fund (“ASK”), the real estate private equity arm of the ASK Group, announced cumulative exits of Rs. 830 crore in 2022 from various funds.
The most recent being the exit from Gulshan Homz’s project, Gulshan Dynasty, in Noida. The exit amount was ₹220 cr. and has achieved multiple of 1.63x and IRR of 21%. The exit was self-liquidating with periodic distributions from sales and collection of the project.
With the latest exit, ASK’s exit sums up to ₹830 cr. in 2022 and cumulative total of ₹1,300 cr. since April 2021 across all real estate investments. The average return across 18 completed exits is 22.33% and other exits include Jewel Square and Kumar Prospera in Pune, TVS Green Enclave in Chennai, and Gulshan One 129 in Noida.
Mr. Amit Bhagat, CEO & MD, ASK Property Fund said, “Gulshan Dynasty was the second exit from Gulshan Homz, following the successful exit of Gulshan One 129. Noida is one of our chosen markets and ASK Property Fund is looking forward to deploying additional growth capital in such thriving markets. We are pleased with the performance of our investments and these latest exits demonstrate the effectiveness of our approach. We have successfully executed a value-add strategy on well-positioned catchment in order to achieve the target return. We thank our investors and developer partners who have put their confidence in our team as we have concluded another successful exit.”
The real estate market in Noida is anticipated to experience significant growth due to infrastructure improvements, continued growth of employment clusters, and focus of global players to set up data centres. The micro market saw YoY sales growth of more than 30% and also experienced greater weighted average price appreciation when compared with neighbouring micro markets. Residential prices in Noida have witnessed their highest annual price increase of 15% by end Q3-22 (July to September) at an average ₹7,775 per square feet. Another key metric, the unsold inventory, dropped by 11% YoY during Q3-22 according to recent reports, stated in the press release.
About ASK Property Fund [Registered entity: ASK Property Investment Advisors Pvt. Ltd. (ASK PIA)] is the alternate asset investment arm of the ASK group set up to manage and advise real estate dedicated funds. The focus is on private equity investments in self-liquidating mid-income & affordable residential and commercial segments. ASK PIA has raised around ₹5,000 cr (US$ 800 mn) since 2009 and investors include Family Offices, Ultra High Net Worth Individuals (UHNI), High Net Worth Individual (HNI) and Institutions.
About ASK Group is a leading player in the asset & wealth management business and primarily caters to the HNI and UHNI market with over three decades of presence. ASK has been a true believer in the Indian growth story and over the years has grown hand-in-hand with its clients across the globe. ASK is represented in India through its three key businesses: Portfolio Management Services & Alternative Investment Funds – ASK Investment Managers Ltd.; Real Estate Private Equity – ASK Property Fund; and Wealth Advisory and Multi-Family Office Service – ASK Private Wealth. It has over 25 offices and branches across India, Dubai, and Singapore. It caters to multiple asset classes and investors (such as HNI, institutional, family office, pension funds, funds of funds and sovereign wealth funds) across Asia, the Middle East, Africa, and Europe. ASK group manages assets over ₹ 79,000 cr (US$ 9.55 bn) as on 31st October 2022.ends GNI SG
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