ASK Property Fund exits Eldeco's project in South Delhi

ASK Property Fund exits Eldeco’s project in South Delhi

ASK Property Fund, the real estate private equity arm of the ASK Group, has
exited Eldeco group’s project Eldeco Centre in Delhi.
The fund that had invested Rs 120 crore and has achieved an internal rate of return of 21%. The
project is a commercial development comprising of retail and office spaces in South Delhi.
“We identified this counter cyclical opportunity post demonetization and decided to capitalise on
South Delhi’s robust commercial demand. The healthy returns are the outcome of entry point,
asset, and partner selection. In a supply-constrained market, the acquisition of city-centre built
to lease commercial development provided a rewarding exit,” said Amit Bhagat, CEO & MD,
ASK Property Fund.
With the latest exit, ASK has made cumulative exits of Rs 1,000 crore in calendar year 2022.
Last month, ASK Property Fund has exited Gulshan Homz’s Gulshan One 29 project in Noida.
“Excellent metro connectivity, established neighbourhood, availability of public transport and
social amenities are the primary reasons of robust demand in the area. New Delhi is an
established office market with total stock of more than 12 million sq. ft. and stable vacancy rate
of around 10-12%”, he added.
ASK Property Fund have raised approximately Rs 800 crore and are targeting Rs 1,500 crore by
March 2023. Out of this fund, they’ve already committed Rs 500 crore.
ASK focuses on private equity investments in self-liquidating mid-income and affordable
residential and commercial segments. ASK PIA has raised around 5,000 crore since 2009 from
investors including family offices, wealthy individuals and institutions.
The alternative asset investment firm has also received approval for the first real estate-focused
fund of funds in GIFT City for offshore investors.
Private equity investments in the real estate sector have continued to rise over the last few
years, including during the last two years of pandemic.
Institutional investment in Indian real estate continues to witness fair traction, recording an
inflow of $3.4 billion during the first nine months of 2022, thus portending investor confidence in
the sector, according to Vestian Commercial Real Estate Services.