Godrej group's real estate private equity arm Godrej Fund Management (GFM) on Wednesday said it has raised $500 million (Rs 3,800 crore) for development of premium office assets.
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Godrej headquarters in Mumbai
Godrej Fund Management (GFM), the real estate private equity arm of Mumbai-based Godrej Group, on Monday announced the $250 million first closing of its $500 million office development platform, GBTC II, with cornerstone investor APG Asset Management kicking in $200 million.
GFM aims to develop office assets in India worth more than $1.5 billion upon their completion as part of the rush into the country’s office market, which has also attracted foreign investors like Allianz and Blackstone.
Godrej Build to Core II is a “club style” office investment strategy focused on developing world-class office buildings in prime locations across leading office markets in India, GFM and Netherlands-based APG said in a release.
Realty-focused Godrej Fund hits first close of new vehicle at $250m
High rises in Mumbai, India. Photo by Joel Steevan on Unsplash. Premium
Godrej Fund Management, the Singapore-based real estate private equity arm of the Godrej Group, announced that it has reached the first close of its second closed-end office development at $250 million.
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Godrej Fund Management sets sights on $3 bn office projects portfolio by 2023
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Synopsis
Godrej Fund Management, the real estate private equity arm of the Godrej Group, plans to strengthen its pan-India office projects portfolio to over $3 billion or Rs 22,000 crore by 2023 as it deploys a strategy to take this portfolio public through a Real Estate Investment Trust (REIT) or hold these assets though a large private core fund.
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Godrej Fund Management, the real estate private equity arm of the Godrej Group, plans to strengthen its pan-India office projects portfolio to over $3 billion or Rs 22,000 crore by 2023 as it deploys a strategy to take this portfolio public through a Real Estate Investment Trust (REIT) or hold these assets though a large private core fund. This will be India’s first domestic private equity fund with such a large office projects portfolio that can rival global entities like the Blackstone Group and Brookfield Asset Management that