ASK Property Fund will invest Rs 120 crore in a luxury housing project of realty firm TREVOC in Gurugram.
ASK Property Fund, the real estate private equity arm of Blackstone backed ASK Asset & Wealth Management Group, will invest Rs 120 crore in TREVOC's luxury residential project in Gurugram. TREVOC will be investing Rs 80 crore in the project, according to a company statement on Thursday.
The amount will be deployed from ASK Property Fund's recently closed high yield debt fund, ASK Real Estate Special Opportunities Fund IV.
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"This investment marks the firm's continued commitment to identifying and investing in high-potential micro markets in the top 6 cities of India. ASK Property Fund is making the investment of Rs 120 crore towards acquisition and project working capital", the statement said.
The project in Gurugram is spread over 2 acre with a total saleable area of about 5 lakh square feet and comprising over 175 residential units.
"With an anticipated aggregate revenue potential of about Rs 800 crore over the next five years, the project presents a compelling investment opportunity for ASK Property Fund", it said.
Gurpal Singh Chawla, Managing Director, TREVOC Group said, the company looks forward to expanding this partnership with ASK Property Fund even further.
“The project is one of those rare opportunities, where one of the most prime sites in the city comes through HSVP (development authority in Haryana) auction along with fantastic financial partners, enabling us to create something truly spectacular,' he added.
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