Godrej group PE arm GFM raises $500 mn to construct premium workplace buildings

Godrej group’s actual property non-public fairness arm Godrej Fund Administration (GFM) on Wednesday stated it has raised USD 500 million (Rs 3,800 crore) for improvement of premium workplace belongings.

The corporate introduced the ultimate closure of its USD 500 million workplace improvement fund, GBTC II.

“GFM will develop grade-A workplace belongings that will likely be valued in extra of USD 1.5 billion (Rs 11,000 crore) on completion and the entire worth of the belongings together with these from earlier funds will take the portfolio worth on completion to over USD 3 billion (Rs 22,000 crore),” an organization assertion stated.

GFM has totally invested the beforehand raised capital beneath GBTC I and Godrej Workplace Fund I.

The PE agency has once more partnered with APG Asset Administration N.V. (APG) and Allianz Actual Property (Allianz) to develop workplace buildings in prime places throughout the main workplace markets in India.

It has already invested in a single improvement asset in Bangalore with improvement potential of 1.1 million sq. ft beneath this fund.

With the ultimate shut, GFM has now efficiently raised three workplace centered funds and 5 total funds.

Karan Bolaria, Managing Director and CEO, Godrej Fund Administration, stated, the corporate has “deep conviction in investing in and growing premium workplace buildings in prime places throughout our focus markets to responsibly obtain one of the best threat adjusted returns for our companions.”

Rushabh Desai, Asia-Pacific CEO of Allianz Actual Property, stated the India workplace sector has remained resilient all through the COVID-19 pandemic.

“We proceed to imagine within the long-term fundamentals of the Indian financial system supported by robust demographic traits and rising occupier calls for. Our first enterprise with Godrej has carried out nicely and we’re enthusiastic about rising our partnership with them,” he stated.

Graeme Torre, Managing Director of APG Asset Administration Asia, stated the worldwide Grade A workplace market in India stays a strategic focus for its portfolio within the area.

GFM is the true property non-public fairness arm of the Godrej Group and is a completely owned subsidiary of Godrej Funding Advisers Non-public Restricted. It manages over USD 1.6 billion of capital throughout 5 funds.

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