Godrej Properties raises $275 million for GRIP-II

21 Mar 2016 | Written by Vaneet Randhawa; Edited by Ramya

Godrej Properties raised $275 million for Godrej Residential Investment Program II (GRIP-II) with the help of APG Asset Management NV- Dutch pension fund asset manager as the lead investor.

Godrej Properties said that it had created Godrej Fund Management (GFM), a separate real estate fund management business in India and Singapore which had raised this capital.

The capital will be utilised in residential projects.

In context: All about Godrej Properties

Introduction Godrej Properties Limited

Godrej Properties Limited, owned by parent company Godrej Industries Ltd., is a real estate company headquartered in Mumbai.

Adi Godrej founded the company on 1 January 1990.

Godrej Properties Ltd. projects are assessed to cover over 111 million square feet, and it currently operates in 12 Indian cities including Mumbai, Pune, Kolkata, Hyderabad, Bengaluru, Ahmadabad, Chandigarh, Kochi, Chennai, Mangalore, Gurgaon and Nagpur.

Company’s name changed thrice

It was initially established as ‘Sea Breeze Constructions and Investments Limited’ in 1985. In 1990, the name was changed to ‘Godrej Properties and Investments Private Limited’, which was later changed to ‘Godrej Properties’. In 2004, it was finally titled ‘Godrej Properties Limited’.
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Companies acquired, owned by Godrej Properties Ltd

Acquisitions SubsidiariesCompanies acquired, owned by Godrej Properties Ltd

Godrej Properties Ltd. acquired two companies, Godrej Waterside Properties Pvt Ltd. and Godrej Realty Pvt Ltd. in 2005-06.

It acquired Happy Highrises Ltd in 2007, and the entire paid up share-capital of Udhay GK Realty Pvt Ltd from HDFC Ventures Trustee Company Ltd in 2011.

Its limited private subsidiaries: Godrej Real Estate, Godrej Developers, Godrej Sea View Properties, Godrej Estate Developers, and Godrej Buildcon.

Godrej Properties Ltd enters capital market

Godrej Properties Limited entered the national capital market with an IPO of 94,29,750 equity shares priced at Rs.10 each. On 5 January 2010, it got listed on the National Stock Exchange of India Ltd and Bombay Stock Exchange Ltd.

Awards The company's achievements

Godrej Properties Ltd. has won over 100 awards in the last three years.

In 2015, it won 'Real Estate Company of the Year' at the Construction Week India Awards.

In 2014, it won the 'Innovation Leader in Real Estate' at the NDTV Property Awards, and the 'Most Reliable Builder' at CNBC AWAAZ Awards.

It won the 'Popular Choice-Developer of 2013' at ET NOW Awards.

Funds Equity funds, share capital, investments in the company

Godrej Properties' stake in Godrej Developers was diluted by transferring 15,968 equity shares of Rs.10 each, at Rs.12,841.86 per equity share to Red Fort India Real Estate Babur.

In 2010, HDFC PMS invested a real-estate private-equity fund of 49% each in Godrej Estate Developers and Godrej Sea View Properties.

The company transferred 26.73% of Godrej Sea View Properties' equity share capital to HDFC PMS.

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2 Jul 2012Godrej Properties ties up with APG

Godrej Properties Ltd (GPL) along with global investors headed by Dutch pension services provider APG set up an investment and development program.

The platform will bring in approximately Rs.770 crore in residential projects in India over the next two years.

The platform will develop 4-5 mid-income residential projects over the next 7 years in Mumbai, the Delhi-National Capital Region (NCR), Bangalore, Pune and Chennai.

21 Mar 2016Godrej Properties raises $275 million for GRIP-II