Godrej Properties Launches A Real Estate Fund

Godrej Properties has created a residential development fund worth R770 Cr along with a consortium of global investors led by APG.

The fund is targeted at developing mid-level residential projects in Mumbai, NCR and Bangalore with future potentials being Chennai and Pune.


The initial commitment will be in the ratio of 29:71 by Godrej and the investor group respectively.

SparInvest Property Fund II, a global real estate fund-of-funds managed by SparInvest Property Investors is also a part of the investor consortium.

Macquarie Capital (India) Pvt. Ltd. was the single financial advisor on the transaction.

Some of the ongoing projects of Godrej in Mumbai are Edenwoods (Thane), Waldorf (Andheri), Panaroma (Kalyan) to name a few.
The company had announced in April to raise funds from Singapore government’s sovereign fund GIC worth $100 Mn to invest into Bandra-Kurla Complex project and had also planned to acquire 14 acre land from HDIL for R100 Cr in May’12.

ASK Property Investment Advisors acquired 49% stake in Godrej Landmark Redevelopers a subsidiary of Godrej Properties in April this year.

Established in 1990, Godrej Properties Limited has projects across the country and the company's upcoming development covers 74 million square feet. The company is currently developing landmark projects in 12 cities across India.

Earlier in the space, Sahara India set up a construction JV with American real estate company Turner Construction Co, a subsidiary of German construction group Hochtief, and the Acropolis Capital Group.

APG is Dutch pension service provider and provides pension fund administration, asset management, management support and communication services to pension funds and has AUM worth EUR 300 Bn.

SparInvest Property Investors is a global multi-manager with total AUM close to EUR 700 Mn.

Source:www.dealcurry.com