By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com
Godrej Fund Management (“GFM”), the real estate private equity arm of the Godrej Group, announces a first close of its US $450 million office development fund and a first close of its US $150 million office investment fund. Jointly the funds can invest/develop office assets worth over US $1 billion in value.
With this development, the assets under management for GFM, which is also managing two existing residential investment funds, has crossed the US $1 billion mark within one year of it being spun out as a separate business. The two new funds that have been raised are: Godrej Build to Core – I (“GBTC-I”), a US $450 million ‘club style’ office investment platform that will invest in developing world class, Grade-A office buildings in leading locations across the key office markets of India. APG Asset Management N.V. (“APG”), which has invested in previous funds managed by GFM, will be the cornerstone investor for GBTC-I. The other newly raised fund is Godrej Office Fund- I (GOF-I), a US $150 million discretionary blind pool fund that will invest in core and core-plus office and commercial properties across India. Read more
