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ASK Property Fund has announced an investment of INR 120 crore in a luxury housing project in Gurugram. The project, led by realty firm TREVOC, has gained attention for its prime location and revenue potential.
ASK Property Fund, the real estate private equity arm of the Blackstone-backed ASK Asset & Wealth Management Group, is set to invest INR 120 crore into TREVOC's residential development. Complementing this investment, TREVOC will contribute INR 80 crore towards the project, solidifying their commitment to creating a distinctive living space.
The funding for this venture will be drawn from ASK Property Fund's recently closed high-yield debt fund, ASK Real Estate Special Opportunities Fund IV. This move highlights ASK Property Fund's dedication to identifying and investing in high-potential micro markets across India's top 6 cities.
Situated on a two-acre plot, the Gurugram project boasts a saleable area exceeding 5 lakh square feet, with over 175 residential units. Anticipating an aggregate revenue potential of approximately INR 800 crore over the next five years, the project emerges as an investment opportunity for ASK Property Fund.
Gurpal Singh Chawla, Managing Director of TREVOC Group, expressed eagerness to expand the partnership with ASK Property Fund. He highlighted the project's uniqueness, citing the acquisition of one of the city's prime sites through HSVP auction and collaboration with esteemed financial partners. Chawla envisions creating something truly spectacular with this endeavour.
The investment by ASK Property Fund signals confidence in the real estate landscape of Gurugram and reflects the potential for substantial growth in the luxury housing sector. As construction progresses, stakeholders eagerly anticipate witnessing the transformation of this prime location into a residential destination.
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