The Hindu BusinessLine: July, 2014
Mumbai: Financial conglomerate ASK Group made its maiden investment from its offshore fund in ATS Group’s project in Noida for Rs. 127 crore.
The project is located at Sector 150, Noida, across 20 acres and is valued at Rs. 1,000 crore with total saleable area of 1.7 million square feet. The project is focused on mid-income households which will be completed in 3-4 years, according to a company statement.
The offshore fund is being managed by ASK Capital Management, the Singapore-based subsidiary of ASK Group and this is the Group’s third investment with ATS Group. ASK Group’s $200 million real estate focused offshore fund has already announced its first close of $50 million earlier this year and is hoping to closing the next $150 million in next 12 months.
Sunil Rohokale, CEO and MD, ASK Group said, “This investment also fits perfectly in our strategy to invest in top five cities and in a mid-segment residential housing projects”.
The first exit made by ASK Group was in April 2012 in ATS – One Hamlet in Noida. It has recently announced its exit from Liviano, a project by Darode Jog Properties in Pune. Both these exits are from the first domestic fund launched by ASK Group in 2009.
ASK Group currently manages real estate assets of more than Rs. 2,100 crore.
The Group has successfully raised two domestic funds and an offshore fund amounting to approximately Rs. 1,600 crore and has raised structured debt of close to Rs. 500 crore.