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Godrej Fund Management buys land parcel in Bengaluru

Friday, 11 Jun 2021
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Godrej Fund Management, the real estate-focused private equity arm of the Godrej Group, has bought a land parcel with one million sq ft development potential in Bengaluru urban from real estate developer Puravankara.

The deal is valued around Rs 700 crore which includes an upfront payment of around Rs 525 crore while the remaining amount will be paid before the end of 2021.

Puravankara is also in talks with global funds to form two separate investment platforms with a combined corpus of Rs 3,000 crore by leveraging some of its assets to fund its future expansion plans.

Godrej Fund Management has two funds, including USD 450 million Godrej Build to Core and USD 150 million Godrej Office Fund.

The Godrej Group entity had started investing in office projects around three years ago and counts Allianz Real Estate and Dutch pension fund manager APG Asset Management among its partners.

APG has partnered with the Indian private equity player in four funds across residential and office segments. In January 2021, the fund achieved the first close of its USD 500 million office development platform, GBTC II, in partnership with APG Asset Management N V, the cornerstone investor in the platform.

Under this platform, Godrej Fund Management will have the ability to develop Grade-A office assets that will be valued in excess of Rs 11,000 crore on completion.

 
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