Under this program, GFM will have the ability to develop Class-A office assets that will be valued in excess of Rs 11,000 crore (USD 1.5 billion) on completion.
NEW DELHI: Godrej Fund Management (GFM), the real estate private equity arm of the Godrej Group, has achieved the first close of its Rs 3,700 crore (USD 500 million) office development platform, GBTC IIin partnership with Netherlands based APG Asset Management N.V. (APG), the cornerstone investor in the platform, the company said in a media release.
The company has raised USD 250 million for its new office platform that will develop Class-A office assets across India, the release said.
Under this program, GFM will have the ability to develop Class-A office assets that will be valued in excess of Rs 11,000 crore (USD 1.5 billion) on completion and the total value of office assets including those from previous funds will take the portfolio value on completion to over Rs 22,000 crore (USD 3 billion), it said.
Karan Bolaria, managing director & CEO, Godrej Fund Management, said, "The addition of this platform brings significant scale to our overall strategy and will open up strategic avenues for value maximization in the future."
The platform aims to deploy the newly raised capital within 12 months. GFM has fully invested the previously raised capital under GBTC I and Godrej Office Fund I.