ASF Group raises Rs 1,250 cr

Realty firm ASF Group has raised Rs 1,250 crore from Alpha Alternatives to fund its ongoing prime office campus in Gurugram and reduce debt. In a statement on Thursday, the company said it has already received Rs 450 crore in funding from Alpha Alternatives and would get the remaining within the next six months.

ASF Group’s arm, ASF Insignia SEZ Pvt Ltd, is developing a 50-acre integrated commercial IT office campus at Vatsal Valley, Gurugram. ASF Insignia SEZ and its affiliates have secured a commitment of equity and quasi-equity investment of about Rs 1,250 crore from Mumbai-headquartered Alpha Alternatives.

Anil Saraf of ASF Group said, “The investment from Alpha Alternatives reinforces the long-term fundamentals of ASF Insignia campus and our strategy of building an institutionally driven office ecosystem.” The focus is on balance sheet strength, asset quality and creating a campus that continues to meet the evolving needs of large enterprises and global capability centres, on a cost-optimal basis, he added.

Kaushal Biyani, Alpha Alternatives, said the company is investing in a high-quality office asset at scale, spanning about 4.5 million sq ft. The total potential of this 50-acre project is 7 million sq ft. Delhi-based ASF Group develops build-to-suit and state-of-the-art IT infrastructure and commercial buildings. The Group also provides a full range of facility management services to its customers across its projects and properties.

ASF has already delivered over 5 million sq ft of workspaces and has established a tangible footprint in Northern India by completing multiple projects that are fully leased to leading multinational corporations.