To establish Godrej Fund Management
Godrej Properties has created a dedicated real estate funds management business in India and Singapore - Godrej Fund Management (GFM). GFM has raised a USD 275 million (Rs 1900 crore) pool of capital, Godrej Residential Investment Program II (GRIP II) with Dutch pension fund asset manager APG Asset Management N.V. (APG) as the lead investor.GFM will advise GRIP II investors on investments into a residential development platform with GPL in India. GRIP II is a follow on to the USD 200 million residential development platform GPL had set up with an APG led investor consortium in 2012. GPL will hold a 20% stake in GRIP II. Karan Bolaria has been appointed to head GFM and will be responsible for managing both series of the residential investment programs as well as any future strategies that GFM will undertake.
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