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ASK Property Fund, the real estate arm of the Blackstone-backed ASK Asset & Wealth Management Group, has invested of Rs 245 crore for the development of a residential project by Satya group in Sector 104, Dwarka Expressway Gurugram.
With a total saleable area of approximately 1.2 million sq ft, the project has revenue potential of Rs 1,600 crore in the next five years. The proposed project comprises about 500 units targeting mid and upper-mid-income segment buyers and will spread across 4.6 acres.
“This is another strategic investment in Gurgaon, reinforcing our stronghold in the NCR Market. The project will leverage Dwarka Expressway’s outstanding connectivity and position in a transit-oriented zone. The entry point for acquisition provides an excellent margin of safety and aligns perfectly with our investment strategy,” said Bhavin Jain, CIO, ASK Property Fund.
The fund will be deployed for land acquisition and the project’s working capital requirement.
“This project offers end users and investors both a great opportunity to be a part of the most exciting micro market of Gurgaon, Dwarka Expressway,” said Manish Agarwal, founder of Satya Group.
Recently, ASK Property Fund, announced raising Rs 1,000 crore in equity, with an additional greenshoe option of Rs 500 crore, for the country’s first luxury real estate investment platform – ASK Curated Luxury Assets Fund with India Sotheby’s International Realty.
The fund will focus on investing in high-end and luxury real estate developments in Tier 1 cities and premium holiday home hotspots, which will include vacation and pilgrimage destinations.
Earlier, ASK Property Fund had invested Rs 120 crore in Trevoc’s luxury residential project in Gurugram where the propertydeveloper is investing Rs 80 crore.
ASK PIA has raised around Rs 7,500 crore (US$ 1 Bn based on exchange rate at the time of each investment) since 2009 and investors include Family Offices, Ultra High Net Worth Individuals (UHNI), High Net Worth Individual (HNI) and Institutions.
Satya group has developed over 10 million sq. ft. of commercial and residential projects over the past four decades in Delhi NCR, Bangalore, Punjab, and Madhya Pradesh.
Source : ET
