Shriram Properties, a major realtor from South India, has announced an 'early exit' of ASK Property Fund from one of its projects in Bengaluru that has delivered 'significant return', more than doubling the investment in 18 months, the company said on August 27.
The project - Shriram Pristine Estate - was the first under a co-investment scheme involving partners’ investment of Rs 85 crore in 2022, with a committed capital of Rs 500 crore from partners.
The project received an encouraging response and created value for both stakeholders, with ASK Property Fund realising a return of 20% IRR and an investment multiple of 1.24x in less than 18
months, Shriram Properties said.
Shriram claims it has realised even greater returns in terms of sales and customer handovers. “This underscores our commitment to delivering superior value to our strategic partners,” Gopalakrishnan J, ED & Group CEO of SPL said. ASK is keen to patriciate is future projects. "We intend to actively participate in their (SPL's) expansion and growth in the near future," Lakshmipathi Chockalingam, Managing Partner - South, ASK Property Fund said.
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