Red Fort Capital, an India focused private equity firm which invests in real estate sector, has acquired a 49 per cent stake in one of the IT park projects of Godrej Properties for an undisclosed sum. The IT park located in Kolkata named ‘Godrej Genesis’ is projected to generate sales of over Rs 750 crore. The IT park is nestled between the international airport and the city centre and will be developed over a span of three years.
Godrej Properties, part of the Godrej Group, is on its way for a public float and has already filed its DRHP with market regulator SEBI. It currently has projects in 11 cities across India with total land reserves of 404 acres, aggregating about 78.87 million sq feet of developable area.
For Red Fort Capital, this is the first investment in Kolkata and it has indicated that it would look at broadening its presence in the region. In the past, it has invested in projects with developers like the Bangalore-based Prestige Group and Indu Projects in Hyderabad.
Red Fort Capital has committed funds to various projects in residential, township, and office parks in India. The firm invests alongside developers in real estate projects and acquires land for development in the residential, office, retail, hospitality and infrastructure sectors. The investments take the form of joint ventures, joint developments, equity, and mezzanine capital.