📋 Tender Overview
Scope : To Set up Luxury Residential Project in Gurugram, Haryana
ASK Property Fund, the real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group, will invest Rs 120 crore in Trevoc’s luxury residential project in Gurugram. Trevoc is investing Rs 80 crore in the project.
The amount will be deployed from ASK Property Fund’s high yield debt fund, ASK Real Estate Special Opportunities Fund IV. In October last year, through an auction held by the Haryana Shahari Vikas Pradhikaran (HSVP), two-acre plot in Sector-56, Gurugram was auctioned for Rs 120 crore to The Real Estate Venture of Chawlas (TREVOC), which is one of the three promoters in Spaze Group.
ASK Property Fund is making the investment of Rs 120 crore towards acquisition and project working capital. Spanning across two acres with five lakh sq. ft. in saleable area, the project comprises over 175 residential units.
The project’s prime location and growing preference for luxury residential products in the the city aligns with its investment strategy, and further the growth in the commercial segment will also continue to stimulate the demand. The investment from the private equity firm underscores the attractiveness and potential of the luxury real estate market of Gurugram.
With an anticipated revenue potential of about Rs 800 crore over the next five years, the project presents a strong investment opportunity for ASK Property Fund.
