logo
Share SHARE
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
H&R Block, Inc., the largest U.S. tax preparer, said Wednesday after the markets closed that its third quarter loss narrowed sharply from last year, as revenue surged due to an earlier opening of the Internal Revenue Service's e-file system this tax season. The company's quarterly loss per share also smaller than analysts estimated, but its quarterly revenue fell short of analysts' forecast. Microsoft co-founder Paul Allen's maritime plunge took an exciting yet somber turn, after he found the wreck of a once-feared World War II Japanese battleship that met its doom by enemy torpedoes decades ago near the Philippines. A new study reveals that more large companies in the U.S. are run by men with the names John, Robert, William or James than the total number of women CEOs. For each women CEO of S&P 1500 companies there are four men CEOs named John, Robert, William or James, according to a study conducted by the New...
comments powered by Disqus
Follow RTT