ASK Property Investment Advisors invests Rs 100 crore in Shriram Properties' Bangalore project

NEW DELHI: Private equity firm ASK Property Investment Advisors today said it has invested Rs 100 crore in a housing project of Shriram Properties at Bangalore and is looking to pump in more funds in NCR and Mumbai markets.

The project spread over 16 acre is expected to have a sales value of around Rs 700 crore.

"ASK Fund's investment will be about Rs 100 crore in the special purpose vehicle set up for executing this project," ASK said in a statement.

This is the company's fourth investment from its second real estate fund.

"With this current deal, we have invested so far Rs 300 crore from our second realty fund of Rs 1,000 crore. We have invested Rs 92 crore with Rajesh Builders, Rs 20 crore with Godrej Properties and another Rs 100 crore with Mantri Developers," ASK Property Investment Advisors CEO and MD Amit Bhagat told PTI.

He, however, declined to share the stake it has bought in Shriram's housing project.

The first private equity fund of Rs 326 crore has been fully exhausted, Bhagat said.

"We are actively looking at deals in the national capital region (NCR) and Mumbai markets," he said, but declined to give further details.

Shriram Properties Managing Director M Murli said: "This 16 acre land parcel is strategically located and targets the middle income demand with the right mix of both villas and apartments.

"We are committed to give a superior quality product at reasonable price. Also we believe the partnership with ASK will help us in delivering our commitments better".
ASK group manages assets of more than $1 billion of its clients in equity PMS, wealth advisory and real estate PMS.