FONT-SIZE Plus   Neg

Godrej Properties Partners With Private Equity Firm

The Mumbai-based real estate developer Godrej Properties Ltd. announced that it had entered into an agreement with ASK Property Investment Advisors, a leading real estate private equity player, to sell a 49 percent stake in its subsidiary Godrej Landmark Redevelopers Pvt. Ltd. (GLRPL), which is developing redevelopment project in Chembur, Mumbai.

GLRPL recently entered into a tripartite agreement with Kamla Landmarc Property Leasing and Finance Pvt. Ltd. and 18 societies to undertake a residential redevelopment project in Sahakar Nagar, Chembur, Mumbai. The project, spread over around 14,600 sq.mtrs. will offer around 600,000 sq.ft. saleable area and is proposed to be developed as a modern group housing residential development comprising 2,2.5 and 3 BHK apartments.

ASK Group along with GLRPL will invest in the Sahakar Nagar redevelopment project. ASK will pay a Rs.20 crore premium to GPDPL for its 49 percent stake in the project.

Godrej Properties Executive Director Pirojsha Godrej said, "We are very happy to have reached this agreement with ASK Group. This fits in well with Godrej Properties strategy of efficient capital management and demonstrates our continued ability to attract equity capital in difficult market conditions."

ASK Investment Holdings CEO and MD Sunil Rohokale said, "Redevelopment is the need of the hour to make Mumbai a world class city and raise the living standard of its citizens. With the entry of a strong brand like Godrej, redevelopment is bound to grow exponentially."

At the BSE, Godrej Properties shares are currently trading at Rs.640.95, up 3.62 percent from the previous close.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Flying is the passion for British aviatrix Tracey Curtis Taylor, and she is now on a solo flight to cross three continents and 23 countries in her own vintage open cockpit biplane. She has already crossed half of her journey from U.K. to Australia with a target to cover 13 thousand miles. Sony Computer Entertainment Inc. Wednesday revealed that its popular PlayStation4 computer entertainment system has achieved total sales of more than 30.2 million units worldwide in a period of two years. The PS4 system is currently available in 124 countries. Cement giant LafargeHolcim (HCMLY.PK, HCMLF.PK), formed by the combination of French Lafarge and Swiss peer Holcim, Wednesday said its sales declined for the third quarter as well as nine months.
comments powered by Disqus
Follow RTT