ASK Property Fund, the real estate investment arm of Blackstone-backed ASK Group, has successfully achieved an impressive 20% internal rate of return (IRR) through its early exit from the "Shriram Pristine Estates" project in Bangalore. This exit was facilitated under the SPL-ASK Co-Investment Platform, where ASK had invested Rs. 85 crore in December 2022.

Launched in January 2023, the project experienced rapid sales and accelerated completion, leading to stronger cashflows and providing ASK with the opportunity for an early exit. In just under 18 months, ASK Property Fund realized a 1.24x multiple on its investment, underscoring the success of its strategic approach to real estate investment.

ASK Property Fund's commitment to value creation continues, as it plans to reinvest the remaining capital from the Rs. 500 crore co-investment platform in new projects this year. The fund's successful exit from Shriram Pristine Estates is a testament to its ability to capitalize on market opportunities and deliver superior returns to its investors.

Commenting on the exit, Mr. Lakshmipathi Chockalingam, Managing Partner - South at ASK Property Fund, stated, "This investment exemplifies how industry consolidation can create valuable opportunities. The robust sales at Shriram Pristine Estates ensured a successful exit, and we look forward to actively participating in future projects with similar potential."