ASK Property invests Rs 147cr in ATS housing project in G'gaon
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ASK Property invests Rs 147cr in ATS housing project in G'gaon

Last Updated: Tuesday, July 09, 2013, 19:02
 
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ASK Property invests Rs 147cr in ATS housing project in G'gaon
New Delhi: Private equity firm ASK Property Investment Advisors on Tuesday said it has invested Rs 147 crore in real estate company ATS Group's Gurgaon housing project.

"We have invested Rs 147 crore in the ATS Group's housing project in Gurgaon. The investment has been made by way of structured instrument and equity," ASK Property Investment Advisors CEO and Managing Director Amit Bhagat said.

The investment to develop this project, comprising 500 flats, is about Rs 500 crore and expected sales realisation is about Rs 1,000 crore, he added.

"This is our second investment in ATS Group. We had invested Rs 50 crore in their Noida project. We have already exited from that project," Bhagat said.

Commenting on the deal, ATS Group Chairman and Managing Director Getamber Anand said the 11.5 acre land parcel is strategically located close to the Dwarka-Gurgoan expressway.

ATS Group is a privately held company based in Noida.

ASK Property Investment Advisors, the real-estate private equity arm of ASK Group, intends to invest in housing projects in Delhi-NCR, Mumbai, Pune, Bangalore and Chennai.

"The size of the first fund was Rs 317 crore, which has been fully deployed. From the second fund of Rs 1,000 crore, we have committed about Rs 500 crore," Bhagat said.

This is company's 12th investment and 5th from second fund. From the second fund, 2 investments were made in Mumbai with Rajesh Builders and Godrej Properties and 2 in Bengaluru with Mantri Developers and Shriram Properties.

Mumbai-based ASK Group is a diversified financial services group, known for its strong research infrastructure and investment advice. It manages clients' assets worth more than USD 1 billion in equity portfolio management services (PMS), wealth advisory and real estate PMS.

PTI



First Published: Tuesday, July 09, 2013, 19:02


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