Godrej Properties has launched Godrej Fund Management (GFM), a dedicated funds management business in India and Singapore.
GFM has raised a US$275 million pool of capital under Godrej Residential Investment Program II (GRIP II), with Dutch pension fund asset manager APG Asset Management as the lead investor. GFM will advise GRIP II investors on investments towards a residential development platform with Godrej Properties in India.
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GRIP II – in which Godrej holds a 20% stake – follows on from the US$200 million residential development platform Godrej Properties set up with an APG-led investor consortium in 2012. Karan Bolaria will head GFM and will be responsible for managing both of the residential investment programmes as well as future projects that GFM undertakes.
Nishith Desai Associates was the sole Indian legal counsel to Godrej Properties for GRIP II and advised on strategic aspects, structuring, regulatory issues, negotiations and documentation.
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