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
Amazon.com Inc. (AMZN) Thursday reported an increase in profit for the third quarter, driven largely by revenue growth, especially at Amazon Web services. However, shares of the online retailer dropped nearly 5 percent in extended session after its profit fell short of Wall Street estimates. The midpoint... Alphabet Inc., (GOOG, GOOGL), the parent company of Google, Thursday reported a jump in third-quarter profit, largely driven by increase in search and advertising revenues. Earnings and revenues for the quarter trumped Wall Street expectations. Alphabet's third-quarter profit rose to $5.06 billion... Despite scandals and the negative impact from last decade's financial crisis, some of the world's largest banks have emerged stronger than before. According to the latest list from Relbanks.com, Chinese banks continued to dominate the global rankings in 2016 for the biggest banks by assets. However,...
comments powered by Disqus
Follow RTT