Godrej Fund Management invested 8.50 billion rupees in Century Real Estate Holdings Pvt. Ltd.'s 2.5 million-square-foot commercial office project in Bengaluru, India, Mint (New Delhi) reported, citing two people familiar with the development.
The transaction gave the real estate private-focused equity firm roughly 35% of the built-up area in the development that is expected to be completed within three years, one of the unnamed sources told the publication. The capital injection was carried out through the Allianz Real Estate- and APF Asset Management-backed US$450 million Godrej Build to Core-1 office investment and development platform.
Ravindra Pai, Century Real Estate's managing director, declined to comment on the matter, while a Godrej spokesperson did not respond to questions, the report added.
As of Dec. 13, US$1 was equivalent to 70.81 Indian rupees.