Godrej Properties today said its USD 275 million realty fund has made first investment by acquiring 80 per cent stake in a housing project in Mumbai.
The company did not disclose the amount invested in this project from the realty fund.
Godrej Properties had in March announced setting up of a USD 275 million real estate fund, with Dutch pension fund APG as the lead investor, to acquire new housing projects.
Godrej Properties had created a dedicated real estate funds management business in India and Singapore Godrej Fund Management (GFM) – to manage fund ‘Godrej Residential Investment Program II (GRIP-II)’.
In a BSE filing, Godrej Properties informed that “GRIP II Pte has made its first investment under the Platform, whereby it has acquired 80 per cent of the equity share capital in Godrej Greenview Housing Pvt (GGHPL), towards investing into the project Vihang, Thane.”
GGHPL has ceased to be the subsidiary of the company.
GFM is advising GRIP II investors on investments into a residential development platform with Godrej Properties.
This is second such platform set up by Godrej Properties.
In 2012, a USD 200 million residential development platform GPL was set up with an APG-led investor consortium.
Godrej Properties is the real estate arm of the Godrej group and is developing projects in 12 cities covering more than 120 million sq ft of saleable area.
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