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ASK Property Investment Advisors set up a fund business in GIFT City

by TLA October 28, 2021October 28, 2021
written by TLA October 28, 2021October 28, 2021
ASK Property Investment Advisors set up a fund business in GIFT City

ASK Property Investment Advisors (ASKPIA) has received approval from International Financial Services Centre Authority (IFSCA) to set up a branch office in GIFT City, Gandhinagar. ASK Real Estate Fund – 2 sponsored by ASKPIA has also received approval for the first real estate focused fund of funds as an Alternative Investment Fund (AIF), category III.

Private equity investments into real estate have surged over the last one year. The surge is mostly driven by foreign funds investing in India as the real estate recovery is now fully visible and the structural long-term changes are fructifying. The sector is very attractive to foreign investors due to abundant opportunities across residential, mixed-use, commercial, retail, industrial and other segments.

The establishment of the IFSC has made the investment process more efficient and simpler for investment flows from NRI’s and global investors into domestic markets. We foresee GIFT city emerging as the gateway for inbound investments and becoming the preferred destination for setting up AIFs.

Mr. Tapan Ray, MD and Group CEO of GIFT City said “Fund houses like ASK will open doors for various NRIs, HNIs and global funds to invest in AIFs at GIFT IFSC. It has become a natural choice for large fund houses to setup offices at GIFT IFSC and to attract offshore funds for investments in India. With this development the momentum of Indian and global institutions for setting up similar funds at GIFT IFSC is gathering pace.”

Mr. Amit Bhagat, CEO & MD, ASKPIA said, “Proactive policies of the government in setting up this initiative to attract foreign investments is a welcome step for fund managers. We appreciate the response of the decision makers in IFSC and their keenness to understand our requirements. The IFSC aids fund managers with new avenues of attracting global capital. With historically low home loan rates, we expect the real estate sector to attract more capital through this route and this branch is a step in preparing for the next leg of growth for our real estate fund business.”

Mr. Sunil Rohokale, MD & CEO, ASK Group said, “Over the last decade, ASK has been a leading fund manager among domestic HNIs, family offices and institutional investors. The GIFT city branch is an endeavour to further expand our international business as we see increased demand for India focussed investments amongst global investors. The GIFT city fund of funds is an opportunity for global investors to participate in the turnaround journey of India’s real estate sector.”

ENDS

About GIFT City

GIFT City is India’s first operational smart city and International Financial Services Centre (IFSC), is an emerging global financial and IT services hub, a first of its kind in India, designed to be at or above par with globally benchmarked business districts. It is supported by state-of-the-art infrastructure encompassing all basic urban infrastructure elements along with an excellent external connectivity.

About ASK Property Investment Advisors |ASK Property Investment Advisors (ASK PIA) is the alternate asset investment arm of the ASK group 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. 5,000 crs (USD 800 mn) since 2009 and investors include Family Offices, Ultra High Net Worth Individuals (UHNI), High Net Worth Individual (HNI) and Institutions.

 About ASK Group | The ASK Group is a leading player in the asset & wealth management business and primarily catering to HNI and UHNI market in India. With over two decades of presence, ASK Group has been a true believer in the Indian growth story and over the years has grown hand-in-hand with its clients across the globe. The ASK Group is represented in India through its key businesses: Portfolio Management Services and Alternative Investment Funds – ASK Investment Managers Ltd.; Real Estate Private Equity – ASK Property Investment Advisors; and Wealth Advisory and MultiFamily Office Service – ASK Wealth Advisors. It has 20 offices and branches across India, Dubai, and Singapore through which it services the needs of clients. It caters to multiple asset classes and investors (such as HNI, institutional, family office, pension funds, funds of funds and sovereign wealth funds) across Asia, the Middle East, Africa, and Europe. ASK Group manages assets of over Rs.78,000 crore (USD 10.6 Bn) as on 30th September 2021.

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