Godrej holds $500m final close

Godrej Fund Management (GFM), the real estate private-equity arm of the Godrej Group, has held a final close for its office development fund, GBTC II.

The fund will develop class A office assets that will be valued in excess of $1.5 billion on completion.

The fund has again partnered with APG Asset Management N.V. (APG) and Allianz Real Estate to develop office buildings in prime locations across the leading office markets in India. GFM has already invested in one development asset in Bangalore with development potential of 1.1 million square feet under this fund.

“The international class A office market in India remains a strategic focus for our portfolio in the region. We are delighted that Allianz will once again join APG and Godrej to create a truly unique collection of market-leading assets in prime locations,” said Graeme Torre, managing director of APG Asset Management Asia.