Chennai: ASK Property Fund, the real estate arm of Blackstone-backed ASK Asset & Wealth Management Group, on Tuesday announced its exit from its investment in Shriram 122 West, a residential development by Shriram Properties in Chennai. The fund realised ₹340 crore from its ₹215-crore investment, delivering a gross investment multiple of around 1.6x, the company said in a statement.The growth capital was provided to the project in 2023, which comprises approximately two million sq ft of saleable area on the outskirts of the city. Lakshmipathi C, co-head, ASK Property Fund, said, the residential real estate sector provided investments are backed by prudent risk management and disciplined capital allocation. “We continue to partner with leading residential developers and provide growth and solution capital to high-quality projects in India,” he said.Gopalakrishnan J, CEO, Shriram Properties, said, “This platform has enabled us to access growth capital for early-stage, high-potential projects, supporting our expansion while creating long-term value for all stakeholders.”
