Godrej Properties has transferred its stake in a realty project to its residential co-investment platform, Shubh Properties Cooperatief U.A.

The company has transferred its 74.9 per cent stake in subsidiary Wonder City Buildcon (WCBPL) for a realty project in Sector-79, Gurgaon, to Shubh Properties for an undisclosed amount.

Earlier, this realty project was being developed in a JV partnership, which included a global consortium of several foreign institutional investors led by Dutch pension services provider APG, along with Godrej Properties and Shubh Properties.

The company, along with its subsidiary, WCBPL has inked a pact with Shubh properties and the global consortium led by APG, for transfer of 74.9 per cent of the equity share capital, which was earlier held by Godrej, in WCBPL.

The foreign investors have a stake holding of about 71 per cent in the JV, while Godrej Properties owns the remaining stakes.