– The Company has held the First Close of USD 250 million for its new office platform that will develop Class-A office assets across India
SINGAPORE, Jan. 18, 2021 /PRNewswire/ — Godrej Fund Management (“GFM”), the real estate private equity arm of the Godrej Group, announces the First Close of its USD 500 million office development platform, GBTC II in partnership with Netherlands based APG Asset Management N.V. (“APG”), the cornerstone investor in the platform.
Under this program, GFM will have the ability to develop Class-A office assets that will be valued in excess of USD 1.5 billion (~INR 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 USD 3 billion (~INR 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 world class 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 3rd India focused office venture and 5th overall, sponsored by GFM.
Mr. Karan Bolaria, Managing Director & CEO, Godrej Fund Management, said, “We are pleased to partner with APG on our second build to core platform. 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.”
Mr. Graeme Torre, Managing Director, APG Asset Management Asia, said, “We are looking forward to another successful partnership with Godrej. 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.”
About Godrej Fund Management
Godrej Fund Management, based in Singapore, is the real estate private equity arm of the Godrej Group. GFM brings the Godrej Group’s philosophy of good governance, innovation, sustainability and excellence to the real estate private equity space. It seeks to provide strong risk adjusted returns to its partners through the strategic combination of world class investment management and development management capabilities.
Every day APG is busy with something that already concerns millions of Dutch people and one day will concern millions more: pensions. APG strives to provide a good pension in a livable world for all participants, employers and pension funds. Together we work on a sustainable future in which we do not only look at prosperity, but also at well-being. Because pensions are about people, life and how we live together. So that we, our parents, and our children can enjoy a good income. Today, tomorrow, and beyond.
As the largest pension provider in the Netherlands APG looks after the pensions of 4.7 million participants. APG provides executive consultancy, asset management, pension administration, pension communication and employer services. We work for pension funds and employers in the sectors of education, government, construction, cleaning, housing associations, sheltered employment organizations, medical specialists, and architects. APG manages approximately €560 billion (November 2020) in pension assets. With approximately 3,000 employees we work from Heerlen, Amsterdam, Brussels, New York, Hong Kong, Shanghai and Beijing.