ASK Property Fund exits Trevoc’s residential project in Gurugram

New Delhi: ASK Property Fund, the real estate arm of Blackstone-backed ASK Asset & Wealth Management Group, has exited Trevoc Developer’s residential project, Trevoc Royal Residences in Gurugram.

The fund had invested Rs 98 crore in the project comprises 172 units. Within 18 months of its launch, the project achieved sales of 65%, enabling ASK Property Fund to achieve a full exit at Rs141 crore, resulting in an IRR of 21% and an investment multiple of 1.44x.

Additionally, the fund had invested Rs 190 crore to Kalpataru Group for the redevelopment project, Kalpataru Advay in Borivali, Mumbai. The fund exited the investment at Rs 244 Crore, realising an 18% IRR and a 1.3x multiple.


Recently, the fund had exited Mahagun Group’s project in Noida. The fund had invested Rs 310 crore in the Sector 107 project in 2021 and exited with Rs 650 crore, more than doubling its investment.

"The successful exits from our Borivali and Gurgaon projects underscore ASK Property Fund’s commitment to identifying strategic growth opportunities with reputed developers in established micro markets of top cities and delivering consistently strong returns for our stakeholders,” said Bhavin Jain, CIO, ASK Property Fund.

The fund has raised Rs 9,100 crore since 2009 and invested in projects spanning 70 million sq ft across key markets including Mumbai Metropolitan Region, National Capital Region, Bengaluru, Pune and Chennai. Its investors include family offices, ultra high net worth individuals, high net worth individuals and institutions.