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Godrej Fund Management, a private equity firm in the real estate sector that operates under the Godrej Group, has reportedly put up two of its main investee assets for sale. These properties are commercial real estate located in the Bandra-Kurla Complex (BKC) and Thane areas of Mumbai, as per insiders familiar with the matter.
These marquee assets include a total of 200,000 sq ft of office space spread across three floors in the Godrej BKC commercial project, and the G: Corp Tech Park, an information technology park project located in Thane's Ghodbunder Road area. The combined estimated value of these assets is believed to be around Rs 1,500 crore based on the current office property rates in the areas.
The reason for the sale is in line with the firm's strategy for the initial fund, as it is looking to exit these assets to realize its returns from the early investments. The fund has already begun inviting bids for these assets, and the process is expected to be completed soon.
The Godrej BKC property is spread over 1.3 million sqft and was co-developed by Godrej Properties and Jet Airways. It is currently strata-owned by Abbott, Brookfield Group, Jet Airways, ICICI Pru Life, and the DeDecor Group. Godrej Fund Management-owned three floors are currently leased to entities such as Carlyle Group, Nayara Energy, and Investcorp, with an average lease rental of over Rs 330 per sqft.
The G: Corp Tech Park was built in 2010 by realty developer G Corp and later acquired by New Vernon Capital. Godrej Fund Management purchased it in 2018 from New Vernon for around Rs 400 crore. The project has a total built-up area of around 750,000 sqft, with a floor plate of 70,000 sqft. It is entirely leased and occupied, with Aditya Birla Group and Convergys among its largest tenants, renting at an average of around Rs 65 per sqft.
Godrej Fund Management has made over 15 investments across its four main property markets of India across five investment platforms, with over 15 million sqft of space under management. The fund has partnered with global institutional investors like Allianz Real Estate and Dutch pension fund manager APG Asset Management in various residential and office fund.
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