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

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

As part of a club-type office investment strategy, GFM has once again partnered with APG Asset Management NV and Allianz Real Estate to develop office buildings in prime locations in major office markets from the country.

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 achieve the best risk-adjusted returns for our partners,” said Karan Bolaria , Managing Director and CEO of Godrej Fund Management.

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, CEO of Allianz Real Estate for Asia-Pacific, said: Occupiers’ 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 premium 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 element of this strategy and we are committed to decarbonizing our portfolios and investing in energy efficient buildings on behalf of our retired clients. “

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Jose C. Birney