ASK Property Investment Advisors, the real-estate private equity arm of ASK Group, has invested R100 crore in a Bangalore-based residential project of Mantri Developers. The project, which has sales potential of around R450 crore, is located in central Bangalore, Sunil Rohokale, CEO and managing director, ASK Investment Holdings, told reporters on Wednesday.
This investment is a part of the R1,000 crore that ASK raised through the ASK Real Estate Special Opportunities Fund in 2012. The fund has already made two investments in past in Mumbai with R92 crore to Rajesh Builders and R100 crore in Godrej Properties, of which R20 crore was from the new fund.
?This is our second investment with Sushil Mantri group and we are committed to multiple partnerships with our existing partners. We are bullish on the outlook of Bangalore real estate market which is a stable market due to constant job creation,” said Rohokale.
ASK Group, through its real estate fund business, manages domestic real estate funds of more than R1,300 crore. Amit Bhagat, CEO and managing director, ASK Property Investment Advisors, said that the company currently is in the midst of raising $250 million through an offshore fund by end of financial year 2013.
