by THO
ASK Property Fund, the real estate private equity arm of Blackstone- backed ASK Asset & Wealth Management Group, will invest ₹120 crore in TREVOC’s luxury residential project in Gurugram, the company said in a statement.
The aggregate revenue potential of the project is about ₹800 crore over the next five years, the company said.
TREVOC is investing ₹80 crore in the project. The amount will be deployed from ASK Property Fund’s recently closed high yield debt fund, ASK Real Estate Special Opportunities Fund IV.
This investment marks the firm’s commitment to identifying and investing in high-potential micro markets in the top six cities of India. ASK Property Fund is making the investment of Rs. 120 crores towards acquisition and project working capital, it said.
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TREVOC, a Gurgaon-based real estate developer, has secured this investment for their luxury project on Golf Course Road. The company has so far developed over 15 million square feet of real estate projects.
Spanning across 2 acres with a total saleable area of about 5 lakh square feet, the project comprises over 175 residential units.
“We are glad to partner with TREVOC Group. The project’s prime location, robust demand for luxury residential products in the micro market combined with excellent margin of safety aligns perfectly with our investment strategy. We are confident that this project will deliver significant value to our investors,” said Bhavin Jain, CIO, ASK Property Fund.
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“ASK Property Fund is amongst the best financial partners in India and we are solidifying our relationship with ASK Property Fund with this deal. We look forward to expanding this partnership even further,” said Gurpal Singh Chawla, Managing Director, TREVOC Group.
