01 Sep 2019
Godrej Fund Management can now develop office assets worth over $1 bn
Godrej Fund Management (GFM), the real-estate private equity arm of the Godrej Group, has announced the second and final close of its $450 million office development platform. Across Godrej Build to Core-I (GBTC-I) and the existing core fund, GFM can now invest in or develop office assets worth over $ 1 billion in value.
With this development, the assets under management for GFM have crossed the $ 1.6-billion mark across asset classes. GBTC-I is a ‘club-style’ office investment platform that invests in developing world-class, Grade-A office buildings in leading locations across the key office markets of India. The platform has now partnered with Allianz Real Estate (Allianz), which has committed another $ 150 million to the platform. It has already secured two developments, one each in Mumbai and Gurugram, totalling 2 million sq ft.
“We are pleased to partner with Allianz Real Estate and APG Asset Management on our office development platform, GBTC-I,” says Karan Bolaria, Managing Director & CEO, GFM. “With its strategic combination of investment management and development management capabilities, GFM is ideally positioned to deliver on the opportunity that exists in Grade-A offices in India.”
And Rushabh Desai, CEO- Asia-Pacific, Allianz Real Estate, says, “We continue to believe in the long-term growth prospects of the Indian economy. We are excited about this new partnership. Godrej is one of the most trusted brands in India with a successful track record in the office space. We are confident the platform will deliver upon completion a premium office product that is increasingly sought after by multinational tenants operating in India.”
The platform currently has a strong pipeline of assets with an aim to fully deploy the capital within a timeframe of the next 12-18 months.