Together, ASK Property Fund and Trevoc Group invested ?200 crore in a posh Gurugram building

By Bricksnwall | 2024-02-23

Over the following five years, the Gurugram luxury project has an approximate combined income potential of ₹800 crore, according to the business.

The business released a statement announcing that ASK Property Fund, the real estate private equity division of the Blackstone-backed ASK Asset & Wealth Management Group, would contribute ₹120 crore to TREVOC's opulent residential project in Gurugram.

According to the corporation, the project has a potential revenue of over ₹800 crore when combined over the next five years.

TREVOC is funding the project with ₹80 crore. 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 continues its mission to find and fund high-potential micro markets in India's top six cities. According to the statement, ASK Property Fund is investing Rs. 120 crores for project working capital and acquisition.

This funding has been obtained by Gurgaon-based real estate developer TREVOC for their opulent project located on Golf Course Road. The company has created real estate projects totaling more than 15 million square feet thus far.

With a total saleable area of over 5 lakh square feet, the project is spread over 2 acres and includes more than 175 residential apartments.

We're happy to collaborate with TREVOC Group. Our investment approach is ideally aligned with the project's great location, healthy demand for premium residential items in the micro market, and excellent margin of safety. According to ASK Property Fund CIO Bhavin Jain, "We are confident that this project will deliver significant value to our investors."

"We are enhancing our relationship with ASK Property Fund, one of the leading financial partners in India, through this transaction.

We are eager to deepen our collaboration," TREVOC Group Managing Director Gurpal Singh Chawla stated.

Source: Hindustan Times