Godrej Fund Management Announces First Close of $500 Million Office Fund
Godrej Fund Management, the real estate private equity arm of Godrej Group, announced on Monday the first closing of its $500 million office development platform, GBTC II, in partnership with Dutch-based investor APG Asset Management. main of the platform.
Under this scheme, GFM will have the capacity to develop Class A office assets which will be valued at over $1.5 billion (Rs 11,000 crore) upon completion and the total asset value of offices, including those from previous funds, will take the value of the portfolio on completion to over $3 billion (Rs 22,000 crore). GFM has fully invested the capital previously raised under GBTC I and Godrej Office Fund I.
GBTC is a club-style office investment strategy that invests in the development of world-class office properties in prime locations across major office markets in India. The platform currently has a strong investment pipeline and aims to deploy the newly raised capital within 12 months.
It is the third India-focused office venture, and fifth overall, sponsored by GFM.
Karan Bolaria, Managing Director and CEO of Godrej Fund Management, said, “We are delighted to partner with APG for our second build to core platform. Our group has a strong belief in the premium office sector in India and we believe that the current market dislocation offers attractive capital deployment opportunities. The addition of this platform brings significant scale to our overall strategy and will open strategic pathways for value maximization in the future.
Graeme Torre, Managing Director of APG Asset Management Asia, said: “We look forward to another successful partnership with Godrej. The build-to-core strategy for the Indian offices aligns very well with our broader investment aspirations for our pension fund clients and our desire to invest alongside partners who offer the best execution capabilities. their category.