Godrej Properties makes first investment from fund
Godrej Properties on Thursday said its USD 275 million realty fund has made first investment by acquiring 80 per cent stake in a housing project in Mumbai. The company did not disclose the amount invested in this project from the realty fund. Godrej Properties had in March announced setting up of a USD 275 million real estate fund, with Dutch pension fund APG as the lead investor, to acquire new housing projects. Godrej Properties had created a dedicated real estate funds management business in India and Singapore - Godrej Fund Management (GFM) - to manage fund 'Godrej Residential Investment Program II (GRIP-II)'. Godrej Properties informed that "GRIP II Pte has made its first investment under the Platform, whereby it has acquired 80 per cent of the equity share capital in Godrej Greenview Housing Pvt (GGHPL), towards investing into the project Vihang, Thane."
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