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Godrej sets up 2 funds for US$1B investment, development of office assets

Godrej Properties Ltd. is pursuing asset diversification through its private equity arm's establishment of two office funds that will allow it to invest and develop more than US$1 billion of assets in its first foray into India's office property sector, India's Mint reported.

The once residential-focused Godrej Fund Management, which currently manages over US$1 billion of assets, is expanding outside the housing sector by setting up the US$150 million Godrej Office Fund-I and the US$450 million Godrej Build To Core-I funds. The paper noted that the first tranches of both funds have already been raised.

Karan Bolaria, managing director and CEO, Godrej Investment Advisers Ltd. was cited in the March 20 report as saying that the US$150 million Godrej Office Fund-I is a blind pool fund that is expected to be maxed out by 2018-end after two to three acquisitions.

On the other hand, the US$450 million Godrej Build To Core-I investment platform, which will list APG Asset Management NV as one of its cornerstone investors, carries the mandate of raising funds for the development of grade A offices across India's key markets. The platform enabled Godrej Properties to dilute a 50% stake in the developer of the Godrej Two commercial building project, which forms part of the under-development 9.4-hectare The Trees mixed-use precinct in Mumbai, the publication noted.