April 9, 2026 |
ASK Property Fund announces Rs 400 cr exit from MMR, Gurgaon investments
ASK Property Fund, the real estate investment arm of the Blackstone-backed ASK Asset & Wealth Management Group, has exited two real estate debt investments in the Mumbai Metropolitan Region (MMR) and Gurgaon, with a total exposure of Rs 400 crore.
These investments in residential projects in Borivali, Mumbai, and Gurgaon – National Capital Region (NCR) have yielded strong returns for investors, underscoring the fund’s commitment to identifying lucrative investment opportunities for growth capital and value creation, the fund said in a note on Thursday.
ASK Property Fund provided growth capital of Rs 190 crore to Kalpataru Group for the redevelopment project, Kalpataru Advay in Borivali, Mumbai, in March 2024. Spread across 6.1 acres, the project includes 310 residential units with a saleable area of about 0.4 million square feet (msf).
Kalpataru Advay demonstrated strong sales momentum within a short period, enabling the fund to successfully exit the investment at Rs 244 crore, realising an 18 per cent internal rate of return (IRR) and a 1.3x multiple, the fund noted.
In Gurgaon, the fund invested Rs 98 crore in Trevoc Developer’s residential project, Trevoc Royal Residences, with a focus on growth capital, in February 2024. Spanning 2.06 acres, the project comprises 172 units and a total saleable area of 0.5 msf.
Trevoc Royal Residences achieved sales of 65 per cent within roughly 18 months of its launch, enabling ASK Property Fund to achieve a full exit at Rs 141 crore, resulting in an IRR of 21 per cent and an investment multiple of 1.44x, the fund stated.
Bhavin Jain, chief investment officer, ASK Property Fund, said, “The successful exits from our Borivali and Gurgaon projects underscore ASK Property Fund’s commitment to identifying strategic growth opportunities with reputed developers in established micro markets of top cities and delivering consistently strong returns for our stakeholders.”
ASK Property Fund, [Registered entity: ASK Property Investment Advisors Pvt. Ltd. (ASK PIA)] is the alternate asset investment arm of the ASK group, set up to manage and advise real estate-dedicated funds. ASK Asset & Wealth Management Group manages assets of over Rs 81,000 crore as of 28 February 2026.
The property fund focuses on private equity investments in the self-liquidating residential segment. ASK PIA has raised Rs 9,100 crore since 2009 and has invested in projects spanning 70 msf, mainly in MMR, NCR, Bengaluru, Pune, and Chennai.
Source – Business Standard
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