ASK Property Fund Exits Shriram 122 West Project in Chennai for Rs 340 Crore

ASK Property Fund, the real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group, announced on Tuesday that it has exited its investment in the Shriram 122 West residential development in Chennai, realising Rs 340 crore.

The fund had originally committed Rs 215 crore to the project in 2023. The exit delivered a gross investment multiple of approximately 1.6x on the invested capital, the company said in an official statement.

Shriram 122 West is a large-scale residential project being developed by Shriram Properties on the outskirts of Chennai. The housing development comprises approximately two million square feet of saleable area.

Lakshmipathi C, co-head of ASK Property Fund, noted that the residential real estate sector offers strong opportunities when investments are supported by prudent risk management and disciplined capital allocation. He added that the firm continues to partner with leading residential developers to provide growth and solution capital to high-quality projects across India.

Gopalakrishnan J, chief executive officer of Shriram Properties, said the partnership provided the company with access to growth capital for early-stage, high-potential projects, aiding its expansion while generating long-term value for stakeholders.