Godrej Fund Management (GFM), the real estate private equity arm of the Godrej Group, said on Wednesday it had raised $ 500 million (Rs 3,800 crore) for the development of high-end office assets.
The company has announced the final closure of its US $ 500 million office development fund, GBTC II.
“GFM will develop Class A office assets which will be valued at over 1.5 billion US dollars (11,000 crore rupees) on completion and the total value of assets, including those of previous funds, will increase. portfolio value on completion to over US $ 3 billion. (Rs 22,000 crore), “the company said in a statement.
GFM has fully invested the capital previously raised under GBTC I and Godrej Office Fund I.
PE has again partnered with APG Asset Management NV (APG) and Allianz Real Estate (Allianz) to develop office buildings in prime locations in major office markets in India.
It 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 three office-based funds and five global funds.
Karan Bolaria, Managing Director and CEO of Godrej Fund Management, said the company has “a deep belief in investing and developing high-end office buildings in prime locations in our target markets in order to achieve responsibly the best risk-adjusted returns for our partners ”.
Rushabh Desai, Asia-Pacific CEO of Allianz Real Estate, said the office sector in India has remained resilient throughout the COVID-19 pandemic.
“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 has worked well and we are delighted to expand our partnership with them,” said he declared.
Graeme Torre, Managing Director of APG Asset Management Asia, said the international Class A office market in India remains a strategic focus for its portfolio in the region.
GFM is the real estate private equity arm of the Godrej Group and is a 100% subsidiary of Godrej Investment Advisers Private Limited. It manages over $ 1.6 billion in capital through five funds.