GPL signs Rs 770 crore equity commitment with global partners
Godrej Properties Ltd (GPL) has formed a residential development platform with Rs 770 crore of equity commitment.
The platform mainly aims towards the development of the middle-income residential space in Mumbai, Delhi NCR and Bangalore, apart from looking for opportunities in Chennai and Pune.
GPL would contribute 29 per cent in the investment platform while its global partners pay the rest. The firm will also receive a development management fee for developing projects to be pursued by the platform.
The global investors’ group is led by Dutch pension services provider APG, one of the largest pension fund managers and real estate investors in the world, it also includes Sparinvest Property Fund II, a global real estate fund-of-funds managed by Sparinvest Property Investors.
To read more real estate news:
Godrej Properties is focusing on residential projects in India
More demand for smaller apartments
Source: Business Line
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