NEW DELHI: ASK Property Fund, the real estate private equity arm of ASK Asset & Wealth Management Group, has exited from Naiknavare Developers‘ project – Avon Vista for Rs 156 crore.
Amit Bhagat, CEO & MD, ASK Property Fund said, “By providing the requisite and flexible working capital, we ensured the project’s completion, supported by sales during the life of the project. The investment was self-liquidating with regular cash flow from the sales and collection linked to milestone”.
The company had invested Rs 80 crore in this project in 2018. The recent exit has achieved a targeted IRR of 21% and a 2x multiple of the capital invested.
Sunil Rohokale, MD & CEO, ASK Asset & Wealth Management Group said, “We have invested in 12 projects covering a total area of over 16 million sq ft in Pune. We look forward to making further investments in western India, including Pune and the Mumbai Metropolitan Region.”
The project, located in Balewadi, Pune, comprises of 613 units.
