ASK Property Investment Advisors to set up a fund business in GIFT City

ASK Property Investment Advisors to set up a fund business in GIFT City


ASK Real Estate Fund II, sponsored by ASK Property Investment Advisors (ASKPIA), has received an approval from International Financial Services Centre Authority (IFSCA) to set up and manage its first real estate focused fund of funds as an Alternative Investment Fund (AIF), category III from GIFT City in Gujarat.

This fund will be a pooling vehicle for international funds to invest in funds that will invest the money further in companies or projects. With this, global investors will have an option to invest in India through GIFT City and need not route it though Singapore, Cyprus, Mauritius and other such locations.

ASK Real Estate Fund II is the first fund to secure this approval. The establishment of the IFSC has made the investment process more efficient and simpler for investment flows from NRI’s and global investors into domestic markets.

“Fund houses like ASK will open doors for various NRIs, HNIs and global funds to invest in AIFs at GIFT IFSC. It has become a natural choice for large fund houses to set up offices at GIFT IFSC and to attract offshore funds for investments in India. With this development the momentum of Indian and global institutions for setting up similar funds at GIFT IFSC is gathering pace,” said Tapan Ray, MD and Group CEO of GIFT City.

ASKPIA has also received an approval from the authority to set up a branch office in GIFT City, Gandhinagar

“Proactive policies of the government in setting up this initiative to attract foreign investments is a welcome step for fund managers…The IFSC aids fund managers with new avenues of attracting global capital. With historically low home loan rates, we expect the real estate sector to attract more capital through this route and this branch is a step in preparing for the next leg of growth for our real estate fund business,” said Amit Bhagat, CEO & MD, ASKPIA.

The establishment of the IFSC by the government has made the investment process more efficient and simpler for investment flows from NRI’s and global investors into domestic markets. We foresee GIFT city emerging as the gateway for inbound investments and becoming the preferred destination for setting up AIFs.

“Over the last decade, ASK has been a leading fund manager among domestic HNIs, family offices and institutional investors. The GIFT city branch is an endeavour to further expand our international business as we see increased demand for India focussed investments amongst global investors. The GIFT city fund of funds is an opportunity for global investors to participate in the turnaround journey of India’s real estate sector,” said Sunil Rohokale, MD & CEO, ASK Group.

Private equity investments into the real estate sector have continued to rise over the last few years and even the last one year despite the pandemic. The surge is mostly driven by foreign funds investing in India as the real estate recovery is now fully visible and the structural long-term changes are fructifying. The sector is very attractive to foreign investors due to abundant opportunities across residential, mixed-use, commercial, retail, industrial and other segments.



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