BackASK Group inks first deal from new offshore fund
The financial services firm will invest Rs127 crore in a project in Noida being developed by ATS Group
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Bangalore: Financial services firm ASK group has made a ₹ 127 crore investment, the first from its new offshore fund ASK India Real Estate Special Opportunities Fund, in a Noida project being developed by ATS group.
The offshore fund is managed by ASK Capital Management Pte Ltd, the Singapore-based subsidiary of ASK group.
This is ASK group’s third investment in the developer.
It’s an early-stage investment in the ATS project, where land acquisition has happened but approvals are yet to come in.
Spread across 20 acres in Sector 150 in Noida, with a total saleable area of 1.7 million sq. ft, the project is located in the Sport City area and is aimed at the mid-income housing category.
ASK is currently in capital-raising mode for a target of $200 million (around ₹ 1,200 crore) for the offshore fund. It announced the first close of $50 million in January.
Sunil Rohokale, chief executive and managing director, ASK group, said: “We are strengthening our partnership with ATS group with third investment and are confident of deriving great value for our investors. This investment also fits perfectly in our strategy to invest in top five cities and in a mid-segment residential housing projects".
“Sector 150 has become a preferred destination in the past few years for home buyers and enjoys good demand due its proximity to important centres of the city and beyond," Getamber Anand, chairman and managing director, ATS group, said in a statement.
Before this transaction, ASK had invested ₹ 147 crore in 2013 in a Gurgaon project by ATS group, and ₹ 50 crore in early 2010 in its One Hamlet project in Noida.
ASK group marked its first exit in 2012, from ATS’s One Hamlet project, clocking a return of 54%.
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