TVS Emerald, ASK Group in Rs400-cr real estate partnership
04 Sep 2017
Emerald Haven Realty Ltd (TVS Emerald), the real estate arm of the TVS group, has joined hands with real estate private equity arm of ASK Group, ASK Property Investment Advisors, real estate private equity arm of ASK Group to set up a Rs400 crore real estate investment partnership.
The partnership will look for opportunities and growth potential in the affordable and mid- segment real estate market. ASK PIA and Emerald Haven Realty will jointly infuse equity capital of Rs400 crore. The capital raised will be invested in multiple affordable mid-segment projects.
The partnership also announced its first investment in the growth corridor of Porur in Chennai. The project is going to get developed on a 10 acre land parcel having 5,48,000 sq ft of saleable area with the equity investment of Rs83 crore. The area is strategically located with proximity to job markets and well connected to other parts of the city.
''The collaboration leverages each other's strength while ASK PIA is synonymous with high quality research, comprehensive risk management framework and focused asset management, TVS Emerald brings in quality, and high brand equity amongst consumers. All this makes a win- win situation for both customers and investors,'' Amit Bhagat, MD and CEO of ASK Property Investment Advisors, said.
''Experience, expertise, enthusiasm, and knowledge that ASK PIA team brings will surely add to the value proposition that TVS Emerald has always envisioned to deliver to our customers. Our endeavour is always to delight customer by fulfilling aspiration of the urban middle class in their quest for a better living space,'' R Chandramouli, president and CEO, TVS Emerald, added.
