Shriram Properties, ASK Property Fund to set up realty investment platform

October 31, 2022 09:36 pm | Updated 09:36 pm IST - Mumbai

Shriram Properties Ltd. and ASK Property Fund have signed a Memorandum of Understanding for setting up an investment platform for acquisition of residential real estate projects.

Under the platform arrangement, Shriram and ASK said they would jointly invest in plotted and residential developments projects in Bengaluru, Chennai, and Hyderabad.

Aggregate commitments towards the platform will be up to ₹500 crore which will be deployed in 12 months. ASK will invest through its managed Category II AIF.

Shriram and ASK have already committed their first investment under the new platform for a plotted development project in North Bengaluru. The platform will invest up to ₹125 crore towards acquisition and development of the project which already has the necessary approvals and also partially completed infrastructure development.

The proposed project is to be unveiled during Q3 FY23, with a saleable area of approx. 8 lakh square feet.

Murali M, CMD, Shriram Properties said, “The partnership platform will provide committed capital availability and allow us to seize new opportunities for further growth and value creation efficiently. We welcome ASK again into the Shriram family.”

Amit Bhagat, CEO & MD, ASK Property Fund said , “With Shriram Properties, we have created a unique real estate investment platform that combines deep local market knowledge with risk expertise to achieve desired results for our clients and investment partners. We continue to build on our decades long expertise in real estate and asset management.”

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