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Godrej Fund Management launches USD 500 million office platform

Monday, 18 Jan 2021
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Private equity firm Godrej Fund Management (GFM) has raised USD 250 million in the first tranche for its new platform to develop prime office buildings across four major cities.

Singapore-based GFM, a real estate private equity arm of the Godrej Group, has announced the first closure of its USD 500 million office development platform 'GBTC II' in partnership with Netherlands-based APG Asset Management NV (APG).

The fund will be deployed in 2021. In the first round, APG has invested 80 percent of the total amount.

The first deal from this fund is expected to be finalised before 31 March 2021. GFM will mainly focus on four markets -- Delhi-NCR, Mumbai, Bengaluru and Pune. The Tranche-II of USD 250 million will be raised and deployed by mid-2022.

Under this programme, GFM will develop office assets that will be valued in excess of USD 1.5 billion (around Rs 11,000 crore) on completion.

The total value of office assets including those from previous funds will take the portfolio value on completion to over USD three billion (around Rs 22,000 crore).

GFM has fully invested the previously raised capital under GBTC I (USD 450 million) and Godrej Office Fund I (USD 150 million). This is the third India-focused office venture and fifth overall, sponsored by GFM. The two residential funds totalling USD 475 million have also been deployed.

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