GFM has fully invested the capital previously raised under GBTC I and Godrej Office Fund I.
Godrej Fund Management (“GFM”), the real estate private equity arm of the Godrej Group, announces the definitive closure of its US $ 500 million office development fund, GBTC II.
GFM will develop Class A office assets which will be valued at over USD 1.5 billion (~ INR 11,000 crore) on completion and the total value of the assets, including those of previous funds, will increase the value of the portfolio. on completion to over USD 3 billion (~ INR 22,000 crore). GFM has fully invested the capital previously raised under GBTC I and Godrej Office Fund I.
As part of a strategy of investing in ‘club style’ offices, GFM has once again partnered with APG Asset Management NV (APG) and Allianz Real Estate (Allianz) to develop world-class office buildings in prime locations in major office markets in India. GFM has already invested in a development asset in Bangalore with a development potential of 1.1 million square feet as part of this fund.
With the final close, GFM has now successfully raised 3 office-focused funds and 5 global funds. GFM is committed to placing emphasis on achieving the highest standards of environmental efficiency when developing these assets.
Mr. Karan Bolaria, Managing Director and CEO of Godrej Fund Management, said: “GFM is deeply committed to investing and developing high-end office buildings in prime locations in our target markets in order to achieve responsible for the best risk-adjusted returns for our partners. The strong commitment to environmental stewardship supported by the Godrej group is reinforced by GFM in our office development program through our commitment to develop projects in line with the Carbon Risk Real Estate Monitor (CRREM Pathway) decarbonization pathway. , which is a first in the Indian real world. real estate sector.
Rushabh Desai, Asia-Pacific CEO of Allianz Real Estate, said: Occupiers’ demands. Our first business with Godrej went 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. “Sustainability is a key part of this strategy and we are committed to decarbonizing our portfolios and investing in energy efficient buildings on behalf of our pension clients. “