Godrej Properties raises Rs 1,900 crore for expansion of their business

By Accommodation Times News Services

godrej-propertiesGodrej Properties Ltd (GPL), the real estate arm of Godrej Group, has raised Rs 1,900 crore with Dutch pension fund asset manager APG Asset Management NV (APG) as the lead investor, to aquire new housing project and expansion of the business.

According to a statement from Godrej Properties, the fund has been raised by GFM as part of Godrej Residential Investment Program II or GRIP II. GFM will advise GRIP II investors on investments into a residential development platform with Godrej Properties in India.

This investment is a follow on to the $200 million residential development platform that GPL had set up with an APG led investor consortium in 2012. GPL will hold a 20% stake in GRIP II.

The company has also appointed Karan Bolaria as the head of GFM who will be responsible for managing both series of the residential investment programmes as well as any future strategies that GFM will undertake.

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