Mumbai, March 21 (IANS) Godrej Properties said on Monday that its dedicated real estate funds management business in India and Singapore - Godrej Fund Management (GFM) has raised $275 million (Rs.1,900 crore) capital though Godrej Residential Investment Programme II (GRIP II).
The GFM has raised the capital along with Dutch pension fund asset manager APG Asset Management (APG) as the lead investor, the company informed the BSE in a regulatory filing.
"The new GRIP II platform in partnership with APG will help us attract high quality long-term equity investors to partner with us in our developments across India. This fits well with our strategy of deepening our presence across the country's leading real estate markets while maintaining a capital light development strategy, said Godrej Properties MD and CEO Pirojsha Godrej.
The GFM will advise GRIP II investors on investments into a residential development platform with GPL in India. GRIP II is a follow on to the $200 million residential development platform GPL had set up with an APG led investor consortium in 2012.
"In spite of a general slowdown in the asset class in the country over the last 3 years, our partnership projects have sold well, which is a testament to our partners execution capability and brand strength. We look forward to deepening the collaboration between our groups and supporting Godrej Fund Management," said Sachin Doshi, managing director and head of private real estate investments, Asia Pacific at APG.
