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Alpha Alternatives has committed to invest Rs 1,250 crore in ASF Insignia, an integrated commercial IT office campus in Gurugram, spread over 50-acre.
The investment will be infused in tranches – the first tranche of approximately Rs 450 crore is already received. The capital will be used to reduce the debt and future development.
“In the past few years, we have undertaken makeover of existing infrastructure in then campus and have also started construction of over 2 million sq ft. The ultimate aim is to keep the asset REIT ready and the funding will not only help us in reducing the debt but also keeping the campus future ready,” said Anil Saraf, chairman, ASF group.
ASF Insignia is a 50-acre office campus by ASF group of which about 2.3 million sq ft is operational and another 2 million sq ft is under construction.
The office park has a debt of close to Rs 1,300 crore and the company has 20-acre land within the campus and more near the campus for future development.
“We always want to be a sub-dollar market where average rent per sq ft per month should be less than a dollar. This helps us in attracting tenant who are looking for large space and an ecosystem,” Saraf said.
The funding will be deployed to improve the capital structure of ASF entities through debt reduction, support targeted infrastructure and amenity upgrades, building refinements, and enhance occupier experience across the campus, with the objective of pushing leasing momentum and repositioning the asset as a long term prime commercial office project.
“In line with Alpha Alternatives’ investment philosophy of long-term value creation, rigorous risk management, and consistent performance across market cycles, we partnered with the ASF Insignia team as they enter their next phase of growth,” said Kaushal Biyani, Alpha Alternatives.
The transaction reflects continued institutional interest in high-quality office real estate assets in the National Capital Region.
The partnership follows ASF Insignia’s earlier institutional association with JP Morgan, which delivered over 2.5x returns.
“There is a shortage of supply of Grade A office spaces as India continues to be preferred choice for global companies. To keep pace with the demand, we need to continue building,” said Saraf.
Earlier, Smartworks had leased approximately 4.5 lakh sq. ft. space in ASF Campus.
“ASF Insignia is among one of the better planned office complexes of NCR. This project offers premium occupier experience due to its amenity offerings, infrastructure, Grade A buildings, and open landscaped spaces,” said Neetish Sarda, Smartworks.
ASF has already delivered over five million sq. ft. of workspaces. The campus offers bonded SEZ space, de-bonded SEZ space and commercial IT park facilities within a single integrated development.
The investment will be infused in tranches – the first tranche of approximately Rs 450 crore is already received. The capital will be used to reduce the debt and future development.
“In the past few years, we have undertaken makeover of existing infrastructure in then campus and have also started construction of over 2 million sq ft. The ultimate aim is to keep the asset REIT ready and the funding will not only help us in reducing the debt but also keeping the campus future ready,” said Anil Saraf, chairman, ASF group.
ASF Insignia is a 50-acre office campus by ASF group of which about 2.3 million sq ft is operational and another 2 million sq ft is under construction.
The office park has a debt of close to Rs 1,300 crore and the company has 20-acre land within the campus and more near the campus for future development.
“We always want to be a sub-dollar market where average rent per sq ft per month should be less than a dollar. This helps us in attracting tenant who are looking for large space and an ecosystem,” Saraf said.
The funding will be deployed to improve the capital structure of ASF entities through debt reduction, support targeted infrastructure and amenity upgrades, building refinements, and enhance occupier experience across the campus, with the objective of pushing leasing momentum and repositioning the asset as a long term prime commercial office project.
“In line with Alpha Alternatives’ investment philosophy of long-term value creation, rigorous risk management, and consistent performance across market cycles, we partnered with the ASF Insignia team as they enter their next phase of growth,” said Kaushal Biyani, Alpha Alternatives.
The transaction reflects continued institutional interest in high-quality office real estate assets in the National Capital Region.
The partnership follows ASF Insignia’s earlier institutional association with JP Morgan, which delivered over 2.5x returns.
“There is a shortage of supply of Grade A office spaces as India continues to be preferred choice for global companies. To keep pace with the demand, we need to continue building,” said Saraf.
Earlier, Smartworks had leased approximately 4.5 lakh sq. ft. space in ASF Campus.
“ASF Insignia is among one of the better planned office complexes of NCR. This project offers premium occupier experience due to its amenity offerings, infrastructure, Grade A buildings, and open landscaped spaces,” said Neetish Sarda, Smartworks.
ASF has already delivered over five million sq. ft. of workspaces. The campus offers bonded SEZ space, de-bonded SEZ space and commercial IT park facilities within a single integrated development.
