ASK Property Fund exits Shriram Properties’ Chennai project for Rs 340 crore

Synopsis

ASK Property Fund exited its Chennai residential project investment. The fund realized Rs 340 crore against its Rs 215 crore investment. This exit delivered a gross investment multiple of approximately 1.6x. Shriram Properties CEO noted a long-term relationship with ASK Property Fund. ASK Property Fund continues focusing on residential projects with strong fundamentals.

MUMBAI: ASK Property Fund, the real estate investment arm of Blackstone-backed ASK Asset & Wealth Management Group, has exited its investment in Shriram Properties’ Chennai residential project, realising Rs 340 crore against an investment of Rs 215 crore.

The exit delivered a gross investment multiple of around 1.6x for the fund. ASK Property Fund had invested growth capital in the project in 2023, the fund said in a release.

Located in Mangadu, Chennai, the project has around 2.0 million sq ft of saleable area.

According to Lakshmipathi C., Co-Head, ASK Property Fund, the residential real estate sector continues to present compelling opportunities, provided investments are backed by prudent risk management and disciplined capital allocation.

Shriram Properties CEO Gopalakrishnan J. said the partnership with ASK Property Fund, which began in 2012, had evolved into a long-term relationship. He said the current platform had enabled the developer to access growth capital for early-stage projects.

This exit is the second realisation under the current platform between the two companies, according to Shriram Properties.

ASK Property Fund said it remains focused on residential projects with strong fundamentals and on providing growth and solution capital to established developers across India.