Ask Group Floats Rs 1500 Crore Realty Fund

Torbit - October 28, 2023 - - 0 |

Blackstone-backed Ask Group has launched a new property fund, eyeing to raise Rs 1500 crore. The initiative follows. successful raising of Rs 1500 crore by the company earlier this year amidst favourable climate pertaining to PE investments into the realty sector which are set to touch USD 5.6 billion mark in 2023, to register a 5.3% YoY growth.

ASK Group has been proactively raising  real estate funds as PE funds have been in much demand due to selective funding by banks to the real estate sector and inadequate realty financing by NBFCs. Ask Property Investment Advisors (ASK PIA0, the real estate focused fund manager of the group  has successfully raised Rs 6100 crore till date through family offices, ultra high networth individuals(UHNIs) , HNIs and institutions. It is credited with investing across 35 projects over the last 12 years. Home grown property funds including Ask Group have raised realty funds worth   Rs 6000 crore .

Ask Group has committed Rs 900 crore of the total Rs 1500 crore of realty  fund , raised in April and plans to do a final close by March next. Regarding the current fund , it  plans to raise Rs 1000 crore out of its Rs 1500 crore fund value   by March 2024 and  do a final close within a year.

Talking about the deployment strategy, Sunil Rohokale , Managing Director and Chief Executive of Ask Group , says  that like in the past, they would focus  on top 5 cities and their investment size will be in the range of Rs 150-200 crore.

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