ASK Property Fund Exits Shriram 122 West Investment in Chennai for ₹340 Crore

ASK Property Fund, the real estate investment arm of the Blackstone-backed ASK Asset & Wealth Management Group, has exited its investment in Shriram 122 West, a residential project developed by Shriram Properties in Mangadu, Chennai.

The fund invested ₹215 crore in the project in 2023 and has realised ₹340 crore from the exit, generating a gross investment multiple of approximately 1.6 times.

Shriram 122 West is spread across nearly two million square feet of saleable area on the western outskirts of Chennai. The project was identified as a residential development opportunity under the co-investment platform established by ASK Property Fund and Shriram Properties.

The investment was made through ASK Real Estate Special Opportunities Fund IV towards the development rights of the project through Shriram Properties’ wholly owned subsidiary, Shrivision Elevations Private Limited.

When the investment was announced in 2023, ASK and Shriram Properties had stated that they were jointly investing ₹206 crore towards 100% of the development rights. The project was planned across two phases with around 1.9 million square feet of saleable area and approximately 1,900 residential units, primarily aimed at the mid-income segment.

At the time, the project was estimated to have an aggregate revenue potential of around ₹1,200 crore over five years. Its location in Mangadu offered proximity to the Porur-Manapakkam IT cluster and the upcoming metro corridor, factors that supported its residential development potential.

The Shriram 122 West investment was the second transaction under the co-investment platform created by ASK Property Fund and Shriram Properties in November 2022, with an aggregate capital commitment of ₹500 crore. The platform’s first investment was in Shriram Pristine Estates, a plotted development project.

The latest exit marks the completion of ASK Property Fund’s investment in Shriram 122 West. The fund said the transaction reflects its strategy of providing growth and solution capital to residential projects in partnership with established developers.

For Shriram Properties, the partnership provided access to growth capital for early-stage developments and supported the company’s expansion across key residential markets.

The transaction also highlights continued investor interest in Chennai’s residential market, particularly in locations benefiting from expanding employment hubs, infrastructure development and improving connectivity.