Friday, March 29, 2024
HomeNewsIndustry NewsBengaluru: Godrej FM buys land worth about Rs 700 crore

Bengaluru: Godrej FM buys land worth about Rs 700 crore

Godrej Fund Management (GFM), the real estate-focused private equity arm of Godrej Group, has bought a land parcel in north Bangalore from Century Group in a deal valued around Rs 700 core.

GFM would develop a 700,000 sq ft commercial project on the new property and it would mark the company’s foray in the Bangalore property market.

“Century has sold a part of the 2.4 mn sqft office land and is looking to divest some land parcels and raise equity to generate liquidity,” said people aware of the deal.

This investment has been undertaken under the Rs 3,200-crore ‘Godrej Build to Core-I’ (GBTC-I) fund.

GFM has two funds—$450 million Godrej Build to Core and a $150 million Godrej Office Fund.

Jointly both the funds can invest and develop office assets worth over $1 billion in value.

“Century is in talks with Godrej Fund to monetise 15 acre land in North Bangalore as part of the land monetisation drive. The firm had sold land worth Rs 500 crore last year, ” said another person, who did not wish to be named.

Century Real Estate Holdings owns more than 2,500 acres of land across Bengaluru.

Century Real Estate, the firm with the largest land bank in Bengaluru, is foraying into commercial real estate and is targeting a commercial portfolio of 7 million sq ft over the next five years.

Besides, it plans to look at affordable segment development (Rs 50-60 lakh bracket) and plotted development.

Sourceetrealty
RELATED ARTICLES

Most Popular

Hot News

Customer Satisfaction Survey Template
Please help us improve our products/services by completing this questionnaire.

Would you recommend this company to a friend or colleague?

Clear selection

Overall, how satisfied or dissatisfied are you with our company?

Clear selection
Part 2/4: Service/Product Assessment

Which of the following words would you use to describe our products/services? Select all that apply.

Clear selection

How would you rate the quality of the website? (from 1 to 10)*

Clear selection
Part 3/4:Customer Care

How responsive have we been to your questions or concerns about our products/services?

Clear selection

At what email address would you like to be contacted?

Clear selection
Part 4/4: Additional Feedback

Do you have any other comments, questions, or concerns?

Clear selection