ASK Property Fund invests Rs 190 crore in Kalpataru's Mumbai project

ASK Property Fund on Thursday said it has invested Rs 190 crore in a real estate project being developed by Kalpataru in Mumbai.

ASK Property Fund is a real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group.

In a statement, the company said it has invested Rs 190 crore in a project being developed by Kalpataru.

"The project is an upper mid-segment project, located in Borivali West, comprising 310 units and is spread across 6 acres with a total saleable area of about 6.5 lakh square feet," ASK Property Fund said.

The funds will be deployed for acquisition and working capital requirement of the project, it added.

ASK Property Fund, which is registered as ASK Property Investment Advisors Pvt Ltd (ASK PIA), is the alternate asset investment arm of the ASK group.It has been set up to manage and advise real estate dedicated funds. 

The focus is on private equity investments in self-liquidating mid-income & affordable residential and commercial segments.

ASK PIA has raised around Rs 6,100 crore since 2009 and its investors include family offices, ultra high net worth individuals (UHNIs), high net worth individuals (HNIs) and institutions.