ASK adds new cornerstone investor
ASK Partners (ASK), a real estate funding specialist, has secured UK and South African-based, Westbrooke Alternative Asset Management (WAAM) as a new cornerstone investor.
WAAM has acquired a minority interest in ASK, in return for providing additional underwriting capacity to ASK’s existing platform. (Subject to future performance, WAAM also has the right to purchase additional shares in ASK).
In addition to unlocking additional capital for investment in the UK real estate market, the partnership is also working on the launch of an inaugural ASK/WAAM investment strategy, which will allow South African investors to deploy capital offshore in alternative asset classes such as real estate. These investments allow for diversification and can provide enhanced returns that traditional asset classes can no longer offer. Since 2017, ASK has invested over £335m of funding in UK real estate, with over £100m since Covid hit, seizing the opportunity of increased activity in the alternative lending market as traditional banks are stymied by tighter credit criteria and a stall on lending during Covid.
Daniel Austin, Chief Executive and Co-founder of ASK, says: “We are looking forward to building on our partnership with WAAM. Investors worldwide are looking to put cash to work in alternative asset classes. ASK has proven that secured lending against UK real estate assets can provide very attractive returns.”
Richard Asherson, Managing Director of WAAM, says: “We are delighted to further cement this long-term relationship with ASK and are excited to work together to deliver excellent risk-adjusted returns to our investor base.”