Godrej closes $500 million office fund

Godrej Fund Management (GFM), the real est at e private equity ar m of the Godrej Group, has announced the first close of i t s $ 5 0 0 million of f i ce development platfor m GBTC II in par tnership with Netherlands-based APG Asset Management N.V. (APG), the cor nerstone investor in the platfor m.

Under this programme, GFM will have the ability to develop Class-A of fice assets that will be valued in excess of $1.5 billion (Rs 11,000 crore) on completion and the total value of of fice assets including those from previous funds will take the portfolio value on completion to over $3 billion (Rs 22,000 crore).

GFM has fully invested the previously raised capital under GBTC I and Godrej Office Fund I.

GBTC is a 'club-style' off i ce investment strate g y that invests in developing world class of fice buildings in prime locations across the leading of fice markets in India.

The platfor m cur rently has a strong investment pipeline and aims to deploy the newly raised capital within 12 months.

This is the third India focused of fice venture and fifth overall by GFM.