New Delhi: Financial services firm ASK Group has sold its 50 per cent stake in Rajesh Lifespaces' housing project in Mumbai for Rs 125 crore.
In August 2011, the company had invested Rs 55 crore in this project.
ASK, a player in the real estate private equity business, said it has exited Raj Altezza, a project by Rajesh Lifespaces, in Mulund, Mumbai.
"The investment totaling Rs 55 crore has given a multiple of 2.26 amounting to an exit value of Rs 124.4 crore, thereby recording an impressive IRR (internal rate of return) of 26 per cent," ASK Group said in a statement on Tuesday.
When contacted, ASK Property Investment Advisors managing director and CEO Amit Bhagat said the company had a 50 per cent stake in this project which has now been bought back by the promoter.
The investment was made from ASK Group's Rs 1,000-crore second fund - ASK Real Estate Special Opportunities Fund. This the first exit from the fund.
"This year, the ASK Group had exited its Pune investments with Amit Enterprises and Paranjape Schemes, returning a multiple of 2.53 and 1.80 times, respectively," the statement said.
"Our disciplined approach of investing with prudent developers has yielded returns in multiples with targeted IRRs. Both multiples and IRR are equally important to equity investors," Mr Bhagat said.
The group has chalked out detailed plans of exits from other investments over the next 6-12 months with targeted returns for its investors.
ASK Group, through its real estate business, manages assets AUM (assets under management) of Rs 3,000 crore and has committed Rs 1,800 crore in 16 projects spread over 18 million sq ft in the past 18 quarters.
ASK Property Investment Advisors is a venture of the ASK Group set up to manage and advise real estate-dedicated funds.
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