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Godrej Fund Management expands its Build to Core office platform to $450 million

The company has held the second close for its office platform that invests/ develops office assets

Godrej Fund Management, Private equity, Godrej Group, Announced Godrej Build to Core – I, APG Asset Management N.V, Allianz Real Estate, Karan Bolaria, Graeme Torre, Rushabh Desai

Godrej Fund Management, the real estate private equity arm of the Godrej Group, announced the second and final close of its $450 million office development platform. Across Godrej Build to Core – I and the existing core fund, GFM can now invest in/ develop office assets worth over $1 billion in value.

With this development, the assets under management for GFM has crossed the $1.6 billion mark across asset classes. GBTC-I, is a ‘club style’ office investment platform that invests in developing world class, Grade-A office buildings in leading locations across the key office markets of India. APG Asset Management N.V. was the cornerstone investor for GBTC-I since its inception in 2018, committing $150 million. The platform has now partnered with Allianz Real Estate which has committed another $150 million to the platform. This is the second and final close for GBTC-I, taking it to the full potential of $450 million. It has already secured two developments, one each in Mumbai and Gurgaon, totaling 2 million sq-ft. The platform currently has a strong pipeline of assets with an aim to fully deploy the capital within a timeframe of next 12-18 months.

Karan Bolaria, MD & CEO, Godrej Fund Management, said, “We are pleased to partner with Allianz Real Estate and APG Asset Management on our office development platform, GBTC-I. GFM, with its strategic combination of investment management and development management capabilities, is ideally positioned to deliver on the opportunity that exists in Grade-A office in India.”

Graeme Torre, MD, APG Asset Management Asia, said, “The build–to-core strategy that we commenced with Godrej Fund Management last year has had a very successful start with two first class acquisitions and a strong pipeline of future opportunities. We are delighted to have Allianz Real Estate now join the partnership and look forward to seeing the portfolio further extended to provide exposure to India’s premium office sector.”

“We continue to believe in the long-term growth prospects of the Indian economy. Strong demographic trends and improving transparency are supporting real estate occupier as well as investor demand, in particular the office sector, which is ideal for long-term institutional investors such as Allianz,” said Rushabh Desai, Asia-Pacific CEO of Allianz Real Estate. “We are excited about this new partnership. Godrej is one of the most trusted brands in India with a successful track record in office. We are confident that the platform will deliver upon completion a premium office product that is increasingly sought after by multinational tenants operating in India.”

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June 2020
10 Jun 2020