ASK Property Investment Advisors plans to raise Rs 1,000 cr realty fund
New Delhi: ASK Property Investment Advisors, the realty PE arm of the ASK Grp, is planning to raise around Rs 1,000 crore by way of its new ASK Real Estate Special Opportunities Fund-IV.
ASK Real Estate Special Opportunities Fund-IV is a real estate focused fund.
This fund has an ‘additional green shoe option’ of Rs 1,500 crore. ASK PIA is planning to raise around Rs 1,000 crore through a combination of domestic and offshore investors.
“This fund’s strategy is a mirror image of our fully deployed previous fund. We will provide early, mid, and last mile funding for fully approved projects by customer-centric developers with an established delivery track-record. We intend to announce the initial close of the fund at Rs 750 crore by September,” said Amit Bhagat, CEO & MD, ASK PIA.
The PE firm presently has a decent pipeline of about Rs 500 crore of investments pre identified for deployment in various projects. It has already deployed Rs 400 crore in various projects in the quarter ended 31 March 2021.
“The real estate sector has been facing a paucity of capital since the NBFC crisis in 2018 which has been heightened since last year, due to the ongoing pandemic. On the contrary, sales in the sector have been witnessing green-shoots of revival since the second half of 2021. We foresee a steady uptick in demand on the back of historically low home loan rates coupled with stamp duty incentives in states like Maharashtra and discounts offered by several developers,” said Sunil Rohokale, MD & CEO, ASK Group.