Shriram Properties and ASK Property Fund is Ready for a Co-Investment in a Residential Project

Shriram Properties and ASK Property Fund have joined hands to invest approximately Rs. 206 crore in an ongoing project in Chennai—Shrivision Elevations.

In a joint venture, Shriram Properties and ASK Property Fund will invest Rs. 206 crore towards 100% of development rights in Shrivision Elevation, an ongoing project in Chennai. This is the second co-investment plan set up by the two companies in November 2022.

The project is located in Mangadu, close to the Porur-Manapakkam IT cluster and the upcoming metro corridor. With a saleable area of approximately 1.9 million square feet the project is divided into two prime phases. Shriram 122 West incorporates 1,900 residential units and will have a total revenue potential of around R. 1,200 crore in the upcoming five years.

The Chairman and Managing Director of Shriram Properties, M Murali, said, "This is yet another successful stressed asset acquisition in recent months. The acquisition is value accretive and will help us leverage the strong position in the micro market".

The managing partner of ASK Property Fund, Lakshmipathi Chockalingam, said, "We are evaluating opportunities in recapitalization space or acquisition of value projects under the platform".