ASK Property Fund, the real estate private equity arm of ASK Asset & Wealth Management Group, has invested Rs 190 crore in a project being developed by Kalpataru.
The project is an upper mid-segment project, located in Borivali West, Mumbai, comprising 310 units and is spread across six acres with a total saleable area of about 6.5 lakh sq ft.
The funds will be deployed for acquisition and working capital requirement of the project.
Bhavin Jain, CIO of the company said, “Our growth capital is aimed – at providing acquisition, and necessary working capital funding.”
In May 2024, the company exited from Naiknavare Developers’ project – Avon Vista for Rs 156 crore. It had invested Rs 80 crore in this project in 2018. The recent exit has achieved a targeted IRR of 21% and a 2x multiple of the capital invested.
