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ASK Property Investment Advisors Invests Money In Residential Sector

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ASK Property Investment Advisors Invests Money In Residential Sector

ASK Property Investment Advisors would invest Rs 326 crore in housing projects developed by QVC Realty, Tridhaatu and TVS Emerald in cities of Mumbai, Bengaluru, Chennai and Delhi-NCR

The private equity arm of ASK group will invest Rs 326 crore in various housing projects developed by QVC Realty, Tridhaatu and TVS Emerald.  The projects are spread across Mumbai, Bengaluru, Chennai and Delhi-NCR. ASK Property Investment Advisors (ASK PIA) manages real estate dedicated funds. With an aim to accumulate Rs 2000 crore fund, ASK Investment Managers Ltd, the holding company will launch an initial public offering (IPO).

ASK Investment Managers Ltd is a leading asset and wealth management firm based in Mumbai.

Amit Bhagat, MD and CEO, ASK PIA said that they had invested Rs 326 crore as equity and structured equity in around eight projects of QVC Realty, Tridhaatu and TVS Emerald.

Three projects of QVC Realty in NCR and Bengaluru would receive an investment of Rs 200 crore, Rs 80 crore would be invested in two projects of TVS Emerald and Rs 44 crore in three projects of Tridhaatu Realty by ASK Property Investment Advisors (ASK PIA).

Amit Bhagat said that the liquidity crunch of NBFCs/HFCs has accelerated the consolidation process benefiting reputed developers. He observed that project launches with right-sized and right-priced focused on mid-segment have seen growth in absorption. According to him lack of refinancing to developers has considerably increased the deal flow for private equity.

ASK group is expanding its investments in the residential real estate in the top five cities with established developers. ASK group MD and CEO Sunil Rohokale said that the investments convey ASK group’s strong belief in demand revival in the residential market which has undergone structural changes like GST and implementation of RERA in the current regulatory regime.

The Managing Director strongly believes that the sector needs patient and flexible long-term capital to ensure project completion. ASK PIA had raised its third domestic fund of Rs 1,400 crore in 2016 and closed its structured equity fund of Rs 898 crore in March 2018.

The ASK group, which is into asset and wealth management business, caters to High Net Worth Individuals (HNI) and Ultra High Net Worth Individuals (UHNI).  As of February 2019, it administers assets worth Rs 43,000 crore.

 

Source: Moneycontrol

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