Godrej group's real estate private equity arm Godrej Fund Management (GFM) on Wednesday said it has raised USD 500 million (Rs 3,800 crore) for the development of premium office assets.
Godrej group's real estate private equity arm Godrej Fund Management (GFM) on Wednesday said it has raised USD 500 million (Rs 3,800 crore) for the development of premium office assets.
The company announced the final closure of its USD 500 million office development fund, GBTC II.
"GFM will develop grade-A office assets that will be valued in excess of USD 1.5 billion (Rs 11,000 crore) on completion and the total value of the assets including those from previous funds will take the portfolio value on completion to over USD 3 billion (Rs 22,000 crore)," a company statement said.
GFM has fully invested the previously raised capital under GBTC I and Godrej Office Fund I.
The PE firm has again partnered with APG Asset Management N.V. (APG) and Allianz Real Estate (Allianz) to develop office buildings in prime locations across the leading office markets in India.
It has already invested in one development asset in Bangalore with a development potential of 1.1 million square feet under this fund.
With the final close, GFM has now successfully raised three office-focused funds and five overall funds.
Karan Bolaria, Managing Director and CEO, Godrej Fund Management, said, the company has "deep conviction in investing in and developing premium office buildings in prime locations across our focus markets to responsibly achieve the best risk-adjusted returns for our partners."
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