ASK Property Fund and India Sotheby's Launch Rs 1,000 Crore Fund for Luxury Housing
New Delhi, Jan 7 (PTI) ASK Property Fund and India Sotheby's International Realty have announced the launch of a Rs 1,000 crore equity fund to invest in luxury residential projects.
Luxury HousingReal Estate InvestmentAsk Property FundIndia SothebysEquity FundReal EstateJan 07, 2025
In a joint statement, ASK Property Fund and India Sotheby's International Realty revealed their strategic collaboration to launch India's first luxury real estate investment platform, the ASK Curated Luxury Assets Fund.
ASK Property Fund, the real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group, has been actively involved in the Indian real estate market.
The ASK Curated Luxury Assets Fund is registered with the Securities and Exchange Board of India (SEBI) as a Category II Alternative Investment Fund under the SEBI (Alternative Investment Funds) Regulations, 2012.
The primary objective of this fund is to invest in high-end residential projects in top cities, holiday homes, and vibrant second-home micro-markets, including religious destinations.
The fund aims to generate superior risk-adjusted returns for investors by focusing on the luxury segment of the real estate market.
The fund will raise third-party capital from a diverse range of investors, including family offices, high net-worth individuals, insurance companies, pension funds, banks, financial institutions, sovereign funds, multi-lateral institutions, and other sophisticated and institutional investors.
Amit Bhagat, co-founder, CEO & Managing Director at ASK Property Fund, expressed confidence in India's robust economic fundamentals and the increasing number of wealthy individuals, which he believes will drive growth in the luxury residential real estate market.
Bhagat stated, “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.”
Amit Goyal, Managing Director of India Sotheby's International Realty, highlighted ASK Property Fund's outstanding track record and profound investment insights from managing top-performing real estate funds in the country.
Goyal added, “We are confident about the unique value proposition of this strategic collaboration.”
Both ASK Property Fund and India Sotheby's International Realty, as co-sponsors, will make an equal capital commitment to the luxury real estate fund.
To date, ASK Property Fund has raised around Rs 7,200 crore since 2009, with investors including family offices, ultra-high net-worth individuals (UHNIs), high net-worth individuals (HNIs), and institutions.
This strategic move is expected to tap into the growing demand for luxury residential properties in India, leveraging the combined strengths of ASK Property Fund and India Sotheby's International Realty.
Frequently Asked Questions
What is the ASK Curated Luxury Assets Fund?
The ASK Curated Luxury Assets Fund is a Rs 1,000 crore equity fund launched by ASK Property Fund and India Sotheby's International Realty to invest in luxury residential projects in India.
What is the primary objective of this fund?
The primary objective of the ASK Curated Luxury Assets Fund is to generate superior risk-adjusted returns for investors by investing in high-end residential projects, holiday homes, and vibrant second-home micro-markets, including religious destinations.
Who are the co-sponsors of this fund?
The co-sponsors of the ASK Curated Luxury Assets Fund are ASK Property Fund and India Sotheby's International Realty.
What types of investors will the fund raise capital from?
The fund will raise third-party capital from a diverse range of investors, including family offices, high net-worth individuals, insurance companies, pension funds, banks, financial institutions, sovereign funds, multi-lateral institutions, and other sophisticated and institutional investors.
How much capital has ASK Property Fund raised since 2009?
ASK Property Fund has raised around Rs 7,200 crore since 2009, with investors including family offices, ultra-high net-worth individuals (UHNIs), high net-worth individuals (HNIs), and institutions.
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