Godrej Properties Ltd has bought back the stake held by HDFC PMS in two of its residential projects located in Chandigarh and Chennai for an undisclosed amount, as per a stock market disclosure.
The company said that as per the terms of the agreement with HDFC Asset Management Company Ltd (the portfolio manager of HDFC Asset Management Company Ltd, Portfolio Management Services – Real Estate Portfolio-1 or HDFC PMS), Godrej Properties has given exit to HDFC PMS by purchasing its 49 per cent stake in Godrej Estate Developers Pvt Ltd (GEDPL) through exercising the company’s buyout option under the agreement.
GEDPL is developing the Godrej Eternia project at Chandigarh. HDFC PMS had invested Rs 45 crore in the project three years ago.
In a simultaneous deal, Godrej Properties has also acquired 49.9 per cent stake in Godrej Sea View Properties Pvt Ltd (GSVPPL) from HDFC PMS. This firm is developing the Godrej Palm Grove project in Chennai. HDFC PMS had picked up the stake in two tranches for a total of Rs 55 crore.
Following these transactions, GEDPL and GSVPPL have become wholly owned subsidiaries of Godrej Properties.
Godrej, which had earlier signed an agreement with the Dutch pension services provider APG-led global investor consortium to create a new residential co-investment platform, struck two divestment deals last week as part of the platform.
The developer, along with its subsidiary Godrej Projects Development Pvt Ltd (GPDPL), entered into an agreement with Shubh Properties Cooperatief U.A. and others, to transfer 49 per cent stake held by GPDPL in its subsidiary Godrej Redevelopers (Mumbai) Pvt Ltd for its project at Sahakar Nagar II in Chembur.
In a separate transaction, the company, along with its subsidiary Wonder Space Properties Pvt Ltd (WSPPL), entered into an agreement with Shubh Properties Cooperatief U.A. and others, to transfer 74.9 per cent stake held by Godrej Properties in WSPPL for its project in Okhla Industrial Area, Phase-1 in Delhi. The company, however, did not disclose the value of these two deals.
(Edited by Sanghamitra Mandal)