ASK Property Fund, Shriram Properties come together to invest in real estate in Bangalore, Chennai, Hyderabad

1 Nov 2022 , 09:36 AM

ASK Property Fund, the ASK Group’s alternative asset investment division, and real estate developer Shriram Properties have agreed to establish an investment platform for the purchase of residential real estate projects.

Shriram Properties and ASK will co-invest in residential and planned development projects in Bangalore, Chennai, and Hyderabad as part of the platform agreement.

The platform will receive cumulative pledges of up to Rs500 crores, and the committed cash is anticipated to be spent over the course of the following 12 months. Through its managed Category II Alternative Investment Fund, ASK will make investments.

Shriram and ASK previously collaborated on the construction of Shriram Chirping Woods, a residential apartment complex on Sarjapur Road in Bangalore. In 2020, ASK successfully withdrew from the investment.

In accordance with the new platform, Shriram and ASK have already committed their first investment in a plotted development project in North Bangalore.

The platform would invest up to Rs125 crores in the acquisition and development of this project, which has already received all essential clearances and has infrastructure development that has been half completed.

The projected project, which has an 8-lakh square foot saleable area, is scheduled to debut in the third quarter of 2022—2023.

Private equity investments in self-liquidating mid-income and affordable residential and commercial segments are the main emphasis of ASK Property Fund. Since 2009, ASK Property Investment Advisors has received funding from family offices, ultra-high net worth individuals (UHNI), high net worth people, and institutions totalling around Rs5,000 crore.

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