ASK Real Estate Puts INR 500 million Into Chennai SPV

Date:27/4/11,

Private Equity,

ASK Real Estate Special Opportunities Portfolio 1, a realty-focused private equity fund, invested INR 500 million in a company floated by Chennai’s Real Value Group. Real Value Group’s SPV is developing a residential project of 6.75 lakh sq. ft., spread across 4.32 acres at Kottivakaam in Chennai.

This is the fifth investment from the fund, promoted by the ASK group which is into wealth management, and raised in 2009. The infusion will be used for a residential project at Kottivakaam in Chennai, which will see erection of 6.75 lakh sq. ft. of space on a plot measuring 4.32 acre, a release issued by the ASK group stated. The project is within walking distance from Taramani Railway Station and in close vicinity of IT landmarks like TIDEL Park, Cognizant, Asendas IT Park, RMZ Millenia Business Park and SP Infocity. The venture can, therefore, cater to buyers in leading IT companies located in these IT parks, the release said.

Launched in 2009, ASK Real Estate Special Opportunities Portfolio is a fund of ASK Property Investment Advisors, a venture of the ASK group set up to manage and advise real estate dedicated funds. It invests in cities like Mumbai, Delhi-NCR, Bangalore, Chennai, Pune, Hyderabad and Kolkata. This is the fifth investment from the fund and has committed 80% across Pune, Delhi-NCR, Chennai and Bangalore. The fund has previously invested INR2.55 billion and INR 2.7 billion in real estate projects of Amit Enterprises Housing Ltd and Darode Jog Realties respectively.