Godrej Fund Management raises $500 mn from premium offices

22 Dec 2021 CW Team

Godrej Fund Management (GFM) has announced that it raised $500 million for the development of premium office assets. It also announced the final closure of its $500 million office development fund, Godrej Build to Core II (GBTC).

As per a statement, the company will develop Grade-A office assets of over $1.5 billion on completing the project and the total value of assets, including the funds that will overtake the portfolio value on completion to over $3 billion.

The Private-equity (PE) company has joined with APG Asset Management and Allianz Real Estate to develop office assets in prime office locations in India.

The company had invested in one development asset in Bangalore, which had a development potential of 1.1 million sq ft.

After the final closure of office assets, the company has successfully raised three office asset funds and five overall funds.

CEO and Managing Director of GFM, Karan Bolaria, said that the company plans to invest in the development of office assets in prime locations in Indian office markets to achieve the best risk-adjusted returns for our partner companies.

CEO of Allianz Real Estate, Rushabh Desai, told the media that the Indian office market has remained strong throughout the Covid-19 pandemic.

Managing Director of APG Asset Management Asia, Graeme Torre, said that the Grade-A office asset in India is a strategic focus for its portfolio in the region.

GFM is a PE arm of Godrej Group and a wholly-owned subsidiary of Godrej Investment Advisers Private Limited. It has a capital of over $1.6 billion in five funds.

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Also read: Hyderabad likely to add 4.6 mn sq ft office space in Q4 FY22

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