By Accommodation Times News Services
Godrej Properties Ltd raised USD 275 million for Godrej Residential Investment Program II (GRIP II), a pool of capital to invest in residential projects, from a clutch of investors with Dutch pension fund asset manager APG Asset Management NV, as the lead investor. Godrej Properties Ltd has created a separate real estate fund management business in India and Singapore – Godrej Fund Management (GFM) and the capital has been raised through GFM. GRIP II is a follow on to an existing USD 200 million residential development platform (GRIP I) Godrej Properties had set up with an APG led investor consortium in 2012.
Karan Bolaria has been appointed to head GFM and will be responsible for managing both series of the residential investment programs as well as any future strategies that GFM will undertake.