By Accommodation Times News Services
Godrej 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.
Pirojsha Godrej, managing director & CEO, Godrej Properties said, “The new GRIP II platform in partnership with APG will help us attract high quality long-term equity investors to partner with us in our developments across India. This fits well with our strategy of deepening our presence across the country’s leading real estate markets while maintaining a capital light development strategy.”
Sachin Doshi, managing director and head of private real estate investments, Asia Pacific at APG said, “In spite of a general slowdown in the asset class in the country over the last three years, our partnership projects have sold well, which is a testament to our partner’s execution capability and brand strength”.