ASK Group invests in Shriram Properties’ SPV

ASK Property Investment Advisors (ASKPIA), the real estate private equity arm of ASK Group, will invest close to Rs.100 crore in a special purpose vehicle formed by Shriram Properties to put up a large residential project in Bangalore.

This will be ASK Group’s fourth investment from its second real estate fund. The project will come up off Sarjapur Road in Bangalore.

Villas and apartments

Comprising villas and apartments, the project “is expected to have a sales value of around Rs.700 crore.”

According to M. Murali, Managing Director of Shriram Properties Private Ltd., the project will come up on a 16-acre land. Shriram and ASK will contribute equally to the equity of the SPV. Mr. Murali said the entire project would be ready inside 36 months.

This is ASK Group’s second investment in Bangalore. ASK Group, which has emerged as a leading player in the real estate fund business, manages domestic real estate funds of more than Rs.1,300 crore, says a release.

This investment is a part of Rs.1,000-crore raised through the ‘ASK Real Estate Special Opportunities Fund’ in 2012.

The fund has already made three investments — two in Mumbai with Rajesh Builders and Godrej Properties, and one in Bangalore with Mantri Developers Private Limited.

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Printable version | Jan 17, 2021 9:36:17 AM |

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