ASK Group exits Rajesh Lifespaces’ Mumbai project at Rs 124 crore

MUMBAI: ASK Property Investment Advisors has announced its exit worth Rs 124.4 crore from realty developer Rajesh Lifespaces' project Raj Altezza in Mulund suburb of Mumbai. The exit is valued at multiple of 2.26 times and internal rate of return of 26% based in investment of Rs 55 crore made in August 2011, the fund said in a release.

ASK Group had invested in the project through its second fund ASK Real Estate Special Opportunities Fund that had raised total Rs 1,000 crore. This is the first exit from ‘ASK Real Estate Special Opportunities Fund’, which was raised in 2011-2012 and is fully committed in Mumbai, Pune, Bengaluru and NCR.

“ASK funds have demonstrated exit track record of close to Rs 1,000 crore clocking returns in the range of 2.25 to 2.5 times...this exit yet again demonstrates the success of ASK Group’s focused strategy of investing in mid segment residential real estate projects, in top metros, in partnership with experienced and reputed developers.” said Sunil Rohokale, MD & CEO, ASK Group.

Earlier this year, ASK Group had exited from its Pune investments with Amit Enterprises and Paranjape Schemes returning a multiple of 2.53 and 1.80 times, respectively. Additionally, the group has exited from ‘ATS ONE Hamlet’, a project of ATS Group in Noida, with a multiple of 2.45 in over two years and ‘Liviano’, a project by Darode-Jog Developers in Pune that returned a multiple of 2.35 times over three years.

“Our disciplined approach of investing with prudent developers has yielded returns in multiples with targeted IRR’s...We have chalked out detailed plans of exits from other investments over the next 6 to 12 months with targeted returns for our investors,” said Amit Bhagat, MD & CEO, ASK Property Investment Advisors.

ASK Group through its Real Estate Business manages total assets under management of Rs 3,000 crore and has committed Rs 1,800 crore in 16 projects spread over 18 million sq ft during the last 18 quarters.