ASK Property Fund Exits Shriram Properties’ Chennai Project With Rs 340 Crore Realization
Mumbai, August 18, 2026: ASK Property Fund, the real estate arm of the Blackstone-backed ASK Asset & Wealth Management Group, has announced the successful exit of its investment in Shriram 122 West, a premium residential development by Shriram Properties located in Chennai. The fund realized Rs 340 crore on an investment of Rs 215 crore, delivering a gross investment multiple of approximately 1.6x, ASK Property Fund said in a press release.
ASK Property Fund initially provided growth capital to the project in 2023. Located in Mangadu, Chennai, the development comprises about 2.0 million square feet of saleable area and has experienced strong sales momentum, supported by robust demand in the micro-market, established social infrastructure, upcoming metro connectivity, and convenient access to Chennai’s IT corridor.
The successful exit highlights ASK Property Fund’s strategy of partnering with established developers to deliver competitive risk-adjusted outcomes for investors through disciplined risk underwriting and active asset management.
Lakshmipathi C., Co-Head, ASK Property Fund, stated, “Our relationship with Shriram Properties over the past 15 years has evolved into a strong, long-term partnership built on mutual trust and shared execution excellence. The successful exit from Shriram 122 West reflects our disciplined investment philosophy—identifying the right location, underwriting with an adequate margin of safety, and creating value through active asset management.”
He further added that the residential real estate sector continues to present compelling opportunities, provided investments are backed by prudent risk management and disciplined capital allocation. He noted that their track record across market cycles demonstrates the resilience of their approach as they continue to partner with leading residential developers to provide growth and solution capital to high-quality projects in India.
Gopalakrishnan J, CEO, Shriram Properties, said, “Our partnership with ASK Property Fund began in 2012 and has evolved into a long-standing relationship built on mutual trust, disciplined execution, and a shared vision for value creation. The successful exit from Shriram 122 West marks the second successful realization under our current platform, reaffirming our commitment to consistently deliver on the promises made to our investment partners. This platform has enabled us to access growth capital for early-stage, high-potential projects, supporting our expansion while creating long-term value for all stakeholders. We remain committed to strengthening such partnerships through transparent governance, disciplined capital allocation, and consistent execution.”
This transaction adds to ASK Property Fund’s track record of investing across residential real estate cycles. The fund remains focused on providing growth and solution capital to residential projects with strong fundamentals.
