Mumbai: Private equity firm ASK Group today said it is investing Rs 200 crore in ATS Infrastructures mixed use development project Knight Bridge in Noida.
The deal marks the companys foray into the commercial real estate space, the firm said in a statement issued here.
“Our investment of Rs 200 crore in ATSs Knight Bridge mixed use development project of over three million sqft is the fourth investment with the firm,” ASK Property Investment Advisors Managing director and Chief Executive Officer Amit Bhagat said.
He said of the four investments it has made in the ATS, three are in Noida, which includes the Knight Bridge project.
The firm has invested Rs 650 crore in these four projects and has exited investments of Rs 521 crore with good returns.
“Noida is poised to be one of the fastest growing markets in NCR due to excellent infrastructure, job creation and proximity to Delhi,” Bhagat said.
Commenting on the development, ASK Groups CEO and MD Sunil Rohokale said, “Our group is focused on delivering consistent, predictable returns.”
“Compounding of opportunity through repeat investments clearly reflects our belief in partner, location and methodology of investments. With this investment, we are pleased to announce our foray in commercial real estate investment,” he said.
So far, ASK has raised four domestic and one offshore fund which was invested in residential projects.
ATS Infrastructure Chairman and MD Getamber Anand said, “We are pleased to have repeat investor like ASK due to our understanding of risk and growth opportunities.”
ASK Group, through its real estate investment advisory business, manages Rs 4,350 crore and has committed over Rs 2,400 crore across 33 investments.
Its funds have demonstrated exit track record of over Rs 1,900 crore through its 18 full and six part exits clocking returns in the range of 17 per cent to 55 per cent IRR.