Godrej Fund Management Completes Final Close of $ 500 Million Office Fund

Godrej Fund Management (GFM), the real estate private equity arm of the Godrej Group, announced on Wednesday that it has completed the final closing of its $ 500 million office development fund GBTC II.

APG Asset Management NV and Allianz Real Estate, who have also invested in GFM previously, joined the fundraiser in what she called a “club style” office investment strategy. The fund will develop office buildings in prime locations in the country’s main office markets.

GFM said it will develop Class A office assets that will be valued at over $ 1.5 billion upon completion. The total value of assets, including those of previous funds, will bring the value of the portfolio, on completion, to over $ 3 billion. “GFM is firmly convinced to invest and develop high-end office buildings in prime locations in our target markets in order to responsibly obtain the best risk-adjusted returns for our partners,” said Karan Bolaria , Managing Director and CEO of GFM. GFM has fully invested the capital previously raised under GBTC I and Godrej Office Fund I.

GFM has already invested in a development asset in Bengaluru with a development potential of 1.1 million square feet as part of this fund.

With the final close, he has now raised three office-focused funds and five global funds.

Rushabh Desai, Asia-Pacific CEO of Allianz Real Estate, said, “The office sector in India has remained resilient throughout the covid-19 pandemic, and we continue to believe in the long-term fundamentals of the Indian economy supported by strong demographic trends and increasing occupant demands. Our first business with Godrej worked well and we are delighted to expand our partnership with them. We are confident that this new company will continue to provide high end office products in India. “

“The international category A office market in India remains a strategic focus for our portfolio in the region. We are delighted that Allianz is once again joining APG and Godrej to create a truly unique collection of market-leading assets in prime locations, ”said Graeme Torre, Managing Director of APG Asset Management Asia.

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