Godrej Fund Management (GFM) , the real estate private equity arm of the Godrej Group, announces the final close of its $ 500 million office development fund, GBTC II.
GFM has now successfully raised 3 office focused funds and 5 overall funds. The fund will develop grade-A office assets that will be valued in excess of $1.5 billion (₹11,000 crore) on completion and the total value of the assets including those from previous funds will take the portfolio value on completion to over $3 billion (₹22,000 crore). GFM has fully invested the previously raised capital under GBTC I and Godrej Office Fund I.
Karan Bolaria, Managing Director & CEO, Godrej Fund Management, said, “GFM have deep conviction in investing in and developing premium office buildings in prime locations across our focus markets to responsibly achieve the best risk adjusted returns for our partners. "
The fund has again partnered with APG Asset Management N.V. (APG) and Allianz Real Estate (Allianz) to develop office buildings in prime locations across the leading office markets in India. GFM has already invested in one development asset in Bangalore with development potential of 1.1 million square feet under this fund.
Rushabh Desai, Asia-Pacific CEO of Allianz Real Estate, said, “The India office sector has remained resilient throughout the COVID-19 pandemic and we continue to believe in the long-term fundamentals of the Indian economy supported by strong demographic trends and growing occupier demands.”
“The international Grade A office market in India remains a strategic focus for our portfolio in the region. We are delighted that Allianz will once again join APG and Godrej to create a truly unique collection of market-leading assets in prime locations.”, said, Graeme Torre, Managing Director of APG Asset Management Asia.