ASK Property Fund, India Sotheby’s launch $110 mn luxury real estate fund

ASK Property Fund and India Sotheby’s International Realty have announced the launch of a Rs1,000-crore ($110 million) equity fund to invest in luxury residential projects across the country.

The fund, dubbed ASK Curated Luxury Assets Fund, focuses on early-stage luxury housing projects in Mumbai, Bengaluru, and the Delhi-NCR region, as well as holiday homes in sought-after second-home markets, including religious destinations.

A green shoe option of Rs500 crore has been included, providing additional investment flexibility.

The fund is registered as a category II alternative investment fund under Sebi regulations.

ASK Property Fund, backed by Blackstone’s ASK Asset & Wealth Management Group, and Sotheby’s, a leading luxury real estate brand, plans to attract capital from institutional and individual investors, a statement said.

Potential investors include family offices, high-net-worth individuals, banks, pension funds, insurance companies, and sovereign funds.

“We are confident that India’s strong economic fundamentals, along with the growing number of affluent individuals, will continue to drive growth in the country’s luxury residential market,” Amit Bhagat, co-founder, CEO and MD at ASK Property Fund, said in a statement.

ASK Property Fund and India SIR will both invest equally as co-sponsors of the fund.

Since 2009, ASK Property Fund has raised over Rs7,200 crore and built a strong reputation in real estate, attracting family offices, wealthy individuals, and institutions.