New Delhi: ASK Property Fund and India Sotheby's International Realty on Tuesday announced the launch of a Rs 1,000-crore fund for investments in luxury housing projects across major cities. In a joint statement, ASK Property Fund and India Sotheby's International Realty said they have done a "strategic collaboration to launch India's first luxury real estate investment platform - ASK Curated Luxury Assets Fund." The size of this fund will be Rs 1,000 crore equity, with a green shoe option of Rs 500 crore. ASK Property Fund and India Sotheby's International Realty, as co-sponsors, will make an equal capital commitment to luxury real estate funds. The statement did not disclose how much these co-sponsors will invest together.
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ASK Property Fund is the real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group, while India Sotheby's International Realty is one of the leading real estate consultants for luxury properties. ASK Curated Luxury Assets Fund is registered with the Securities and Exchange Board of India as a Category II Alternative Investment Fund under the SEBI (Alternative Investment Funds) Regulations, 2012 (AIF Regulations). The purpose of this fund is to invest in residential projects in India in the luxury segment, the statement said. The fund's objective is to generate superior risk-adjusted returns for investors by investing in high-end residential projects in top cities, holiday homes, in vibrant and sought-after second-home micro-markets, including religious destinations, it added.
ASK Property Fund and India Sotheby’s International Realty Launch India’s First Luxury Residential Real Estate Fund
The fund will raise third-party capital from institutional and individual investors in accordance with SEBI guidelines. This includes family offices, high net-worth individuals, insurance companies, pension funds, banks, financial institutions, sovereign funds, multi-lateral institutions, and other sophisticated and institutional investors.
Rs 1,000-crore luxury real estate fund
"We are confident that India's robust economic fundamentals and the increasing number of wealthy will continue to drive growth in the country's luxury residential real estate market. We are excited to collaborate with India Sotheby's International Realty, leveraging its strong brand presence and deep expertise in the luxury real estate segment, to launch India's first luxury residential opportunity-focused fund," said Amit Bhagat, co-founder, CEO & Managing Director at ASK Property Fund.
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"ASK Property Fund comes with an outstanding track record and profound investment insights from managing some of the top-performing real estate funds in the country. We are confident about the unique value proposition of this strategic collaboration," Amit Goyal, Managing Director of India Sotheby's International Realty, said.
So far, ASK Property Fund has raised around Rs 7,200 crore since 2009, and investors include family offices, ultra-high net worth individuals (UHNIs), high net worth individuals (HNIs) and institutions.
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