Godrej Fund Management, the real estate funds management subsidiary of the Mumbai-based developer Godrej Properties, has made the first investment from its maiden residential vehicle.
The firm has acquired an 80 percent stake in a housing project in Mumbai via the Godrej Residential Investment Program (GRIP) II, a residential property development program that raised $275 million in equity from a consortium of investors in March this year. The Dutch pension asset manager APG Asset Management is the lead investor in the vehicle.
According to a recent filing with the Bombay Stock Exchange, the stake was acquired in Godrej Greenview Housing Private Limited, a company subsidiary which will invest into the project in Mumbai. The size of the investment was not disclosed.
The investment is the first deal by Godrej Fund Management (GFM), the new entity that was carved out of Godrej Properties earlier this year. GFM has operations in both Singapore and India and is being headed by Karan Bolaria, who previously led fund management and capital strategy functions within Godrej Properties.
The creation of GFM coincided with the launch of GRIP II. The vehicle is a follow-on program to GRIP I that closed on $200 million and is currently fully deployed across four residential development projects in the country. Close to 50 percent interest in GRIP II is believed to be owned by APG while Godrej Properties holds 20 percent, according to an earlier PERE report. The vehicle is currently being invested in the development of mid-income housing projects in Mumbai, Delhi, Pune, Bangalore, Hyderabad and Chennai, with the target of deploying the corpus in a total of six projects.
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