ASK Property Fund closes Rs 1500 cr fund

Mumbai, May 8, 2023: The real estate private equity arm of the ASK Group, ASK Property Fund (“ASK”), has closed its latest fund, Real Estate Special Opportunities Fund IV (RESOF IV) with corpus of Rs. 1,500 crores including co-investments from investors. 

This is the sixth real estate fund by ASK Property Fund. The fund concentrates on the top five cities and primarily invests in mid and affordable residential development. A press release issued by the company says that, the private equity firm is looking to deploy the fund raised in the established residential markets of Mumbai, Pune, NCR, Bengaluru, and Chennai. As per recent studies for CY 2021, India’s top seven cities added 522 Mn sq. ft. of new residential space, with 562 Mn sq. ft. sold in CY 2022. The inventory overhang has also declined to 13 months by end 2022. Affordable housing contributed around 16-20% in the total residential sales.   Amit Bhagat, CEO & MD, ASK Property Fund said, “As a private equity fund, we are glad to announce the successful close of our latest real estate fund. We are excited to continue partnering with customer-focused developers who are committed to the timely delivery of quality residential sustainable dwellings. Customer-centric approach automatically ensures superior risk adjusted returns”.