Godrej Fund Management raise $500 million through GBTC II

Our Bureau Mumbai | Updated on January 18, 2021

Godrej Fund Management (GFM), the real estate private equity arm of the Godrej Group, has raised $500 million through its office development platform GBTC II in partnership with Netherlands-based APG Asset Management N.V. (APG), the cornerstone investor in the platform.

Under this programme, GFM will develop Class-A office assets that will be valued in excess of $1.5 billion (about ₹11,000 crore) on completion and the total value of office assets including those from previous funds will take the portfolio value on completion to over $3 billion (about ₹22,000 crore). GFM has fully invested the previously raised capital under GBTC I and Godrej Office Fund I.

GBTC is a club-style office investment strategy that invests in developing office buildings in prime locations across the leading office markets in India. The platform currently has a strong investment pipeline and aims to deploy the newly raised capital within 12 months.

This is the third India focused office venture and fifth overall, sponsored by GFM.

“Our Group has strong conviction in India’s premium office sector and we believe the current dislocation in markets provides attractive capital deployment opportunities. The addition of this platform brings significant scale to our overall strategy and will open up strategic avenues for value maximization in the future,” Karan Bolaria, Managing Director and CEO, Godrej Fund Management, said.

“The build-to-core strategy for Indian offices aligns very well with our broader investment aspirations for our pension fund clients and our desire to invest alongside partners who offer best-in-class execution capabilities,” said Graeme Torre, Managing Director, APG Asset Management Asia.

Published on January 18, 2021

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