ASK Property Fund would contribute Rs 120 crore to the Gurugram luxury apartment project of real estate company TREVOC. The Blackstone-backed ASK Asset & Wealth Management Group’s real estate private equity division, ASK Property Fund, would contribute Rs 120 crore to TREVOC’s opulent residential project in Gurugram. TREVOC announced in a statement on Thursday that it will be investing Rs 80 crore in the project.
The funds will come from the recently closed ASK Real Estate Special Opportunities vehicle IV, a high-yield debt vehicle managed by ASK Property Fund. With this investment, the company demonstrates its ongoing dedication to finding and funding high-potential micromarkets in India’s top six cities. According to the release, ASK Property Fund is contributing Rs 120 crore for project working capital and acquisition.
The Gurugram project spans two acres and has about 175 residential units with a total saleable space of over 5 lakh square feet. “With an anticipated aggregate revenue potential of about Rs 800 crore over the next five years, the project presents a compelling investment opportunity for ASK Property Fund,” it stated.
The TREVOC Group’s managing director, Gurpal Singh Chawla, stated that the company is eager to grow its collaboration with ASK Property Fund. The project is one of those exceptional chances where one of the most desirable locations in the city is acquired through the HSVP (Haryana’s development authority) auction in conjunction with outstanding financial partners, allowing us to build something genuinely amazing,” he continued.
