February 25, 2024 |
ASK Property Fund to Invest Rs 120 Crore in Trevoc’s Luxury Residential Project in Gurgaon
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 Gurgaon. Trevoc is investing Rs 80 crore in the project.
The amount will be deployed from ASK Property Fund’s recently closed high yield debt fund, ASK Real Estate Special Opportunities Fund IV.
In October last year, through an auction held by the Haryana Shahari Vikas Pradhikaran (HSVP), the state urban development authority, two-acre plot in Sector 56 was auctioned for Rs 120 crore to TREVOC ( The Real Estate Venture of Chawlas), who was one of the three promoters in Spaze group.
“The project’s prime location, robust demand for luxury residential products in the micro market combined with excellent margin of safety aligns perfectly with our investment strategy,” said Bhavin Jain, CIO, ASK Property Fund.
ASK Property Fund is making the investment of Rs 120 crore towards acquisition and project working capital.
Developing over 15 million square feet of real estate projects, the promoters have over two decades of experience in the NCR market.
Spanning across 2 acres with a total saleable area of about 5 lakh square feet, the project comprises over 175 residential units.
As per ASK Property Fund Research, the catchment’s reputation as a luxury real estate residential destination, combined with surging high-end demand and dwindling inventory overhang (less than 10 months), makes it a compelling reason for potential buyers.
The growth in the commercial segment in Gurgaon also acted as a catalyst for residential growth in the area and will continue to stimulate demand.
The investment from the private equity firm underscores the attractiveness and potential of the luxury real estate market of Gurgaon. 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.
“The prime site of the project comes through HSVP auction,” said Gurpal Singh Chawla, Managing Director, Trevoc group.
Source : ET
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