ASK Group to invest in Paranjape Schemes project in Pune
The real estate landscape of Pune has changed manifolds in the last few years and many plush residential projects have come up there. ASK Property Investment Advisors, the real estate private equity arm of the ASK Group, has decided to invest Rs 55 crore in Pune. Their choicest developers are Paranjape Schemes, and this amount will be invested in a new township project in Bhugaon, Pune.
This is the eighth investment from the group’s second domestic fund, which was set up in 2012 with a corpus of Rs 1,000 crore.The project is spread over 150 acres and will include apartment blocks and all the modern amenities of living like clubhouse, swimming pool, gym etc. ASK Property Investment Advisors had earlier invested Rs 40 crore in Paranjape Scheme’s Model Colony project, Skyone, in 2012.
Sunil Rohokale the CEO of ASK Group stated that they have a lot of expectations from this project. The company is expecting an incremental rate of return (IRR) of 25 % over a five-to-six-year period at the fund level. Of the Rs 1,000 crore funds, 80 % of the fund has been drawn down.
The ASK team is in negotiations with the developers for the remaining amount. Rohokale foresees that in the next three months, the entire fund should be drawn down. In private equity deals, the money committed by limited partners to a private equity fund is usually not invested immediately.It is ‘drawn down’ and invested over time as investments are identified.
Source- The Hindu Business Line
ASK group, ASK Property Investment Advisors, incremental rate of return, Sunil Rohokale, township project in Bhugaon
