NEW DELHI: Allianz Real Estate(Allianz) has committed another USD 150 million to Godrej Build to Core – I(GBTC-I), an office development platform of Godrej Group, the company said in a media release.
GBTC-I invests in developing Grade-A office buildings across the key office markets of India.
With this, GBTC-I now has a total potential of USD 450 million. APG Asset Management N.V. (APG) had committed USD 150 million to the office development platform while the rest is committed by Godrej.
Currently, GBTC-I has secured two developments, one each in Mumbai and Gurgaon, totalling two million sq ft. The platform aims to fully deploy the capital within a time-frame of next 12-18 months.
Godrej Fund Management (GFM), the real estate private equity arm of the Godrej Group, will be the investment manager. With this development, the assets under management for GFM has crossed the USD 1.6 billion mark across asset classes.
Source: ET Realty
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