Godrej Properties ties up with APG
Godrej Properties Ltd (GPL), the real estate arm of the Godrej group, said on Monday it had created a Rs 770-crore development fund to develop residential properties in India with a clutch of global investors, including Dutch pension services provider APG and Sparinvest Property Fund II.
The fund will invest and develop three to five mid-segment residential properties in Mumbai, National Capital Region (NCR) and Bangalore.
GPL would bring in 29 per cent equity and the rest would be brought by investors. Both the firms will share profit in the same ratio, the company said in a statement.
This move would help GPL, which focuses mainly on joint ventures and joint development, to go on for purchasing of land parcels.
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Source: Business Standard
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[...] The deal represents a shift in focus for Godrej Properties, from joint ventures and joint development, to purchasing land parcels, according to real estate website Common Floor. [...]