Blackstone-backed ASK Property Fund has announced an exit of Rs 650 crore from the Mahagun Group’s Noida-based Medalleo project in Sector 107.  

The fund, part of ASK Asset and Wealth Management Group, invested Rs 310 crore in the project in 2021. This investment covered 2.4 million square feet (msf) of saleable area. The fund reported a 21 per cent internal rate of return (IRR) upon its exit.  

Sources close to the exit process said that two-thirds of the funds were received from internal accruals, while the remaining one-third came from refinancing. “We have exited and funds have been received,” they added.

With this move, Amit Bhagat, cofounder, CEO and MD at ASK Property Fund announced a complete exit of Rs 1,500 crore from its debt fund, raised in 2018, with an investment multiple of 1.83x. 

“The fund’s performance underscores the attractiveness of counter-cyclical opportunities in real estate,” he added.

ASK Property Fund had recently invested Rs 260 crore in a Gurugram-based luxury residential project of Kanodia Group’s real estate venture, Kreeva. The development will be executed in a joint venture (JV) with Shapoorji Pallonji Real Estate (SPRE).

The fund has raised Rs 9,100 crore since 2009 and has invested in projects spanning 70 msf mainly in the Mumbai Metropolitan Region (MMR), Delhi National Capital Region (NCR), Bangalore, Pune and Chennai. Its investors include family offices, ultra high net-worth individuals (UHNIs), high net-worth individuals (HNIs) and institutions.