ASK Property Fund (ASK), the real estate private equity arm of the ASK Group, announced an exit of Rs 120 crore from Eldeco Centre.
The exit amount was Rs 120 crore and has achieved multiple of 2.54x and IRR of 21 per cent. The project is a commercial development comprising of retail and office spaces in South Delhi.
Amit Bhagat, CEO & MD, ASK Property Fund said, ”We identified this counter cyclical opportunity post demonetization and decided to capitalise on South Delhi’s robust commercial demand. The healthy returns are the outcome of entry point, asset, and partner selection. In a supply-constrained market, the acquisition of city-centre built to lease commercial development provided a rewarding exit.”
“Excellent metro connectivity, established neighbourhood, availability of public transport & social amenities are the primary reasons of robust demand in the area. New Delhi is an established office market with total stock of more than 12 million sq. ft. and stable vacancy rate of around 10-12 per cent”, he added.
