Godrej Properties (GPL) has raised $275 million from Dutch pension fund asset manager APG Asset Management N.V. (APG). Further, the company has created a dedicated real estate funds management business in India and Singapore, Godrej Fund Management (GFM).
GFM will advise Godrej Residential Investment Program II (GRIP II) investors on investments into a residential development platform with GPL in India. GRIP II is a follow on to the $200 million residential development platform GPL had set up with an APG led investor consortium in 2012. GPL will hold a 20 per cent stake in GRIP II.
Godrej Properties, the real estate arm of the Godrej group, has about 300,000 sq ft of office space left in the BKC project and about a million sq ft of commercial space in Kolkata and Chandigarh.
