Amazon India leases 2.6 lakh sq ft office space at Godrej Two in Vikhroli – ET RealEstate

MUMBAI: Godrej Fund Management, the real estate private equity arm of the Godrej Group, has entered into an agreement with Amazon India to lease nearly 2.6 lakh sq ft office space at Godrej Two, a commercial office building in Mumbai’s Vikhroli suburb.

The agreement is a combination of a lease and an option to lease additional space later totaling 2.6 lakh sq ft.

Godrej Two is first of the development assets under the private equity firm’s GBTC I program and is jointly owned along with realty developer Godrej Properties.

The office development project is part of the larger mixed-use development The Trees, which will be a mix of commercial, hospitality, retail and residential offerings. The larger development is already home to the global headquarters of the Godrej Group and other companies.

“We are delighted to welcome Amazon India to Godrej Two and look forward to further strengthening this partnership across our office portfolio…This deal is a further validation of our funds’ investment strategy that is focused on creating a portfolio of world-class office buildings across the country,” said Karan Bolaria, MD & CEO, Godrej Fund Management.

JLL was the transaction advisor for this office space transaction.

Amazon India currently occupies nearly 40,000 sq ft in Godrej One and is looking to expand its presence here with this new lease deal.

Godrej Fund Management, the wholly-owned subsidiary of Godrej Investment Advisors and manages over $1 billion of capital across four funds.



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Bengaluru: Godrej FM buys land worth about Rs 700 crore from Century Group – ET RealEstate

BENGALURU: Godrej Fund Management (GFM), the real estate-focused private equity arm of Godrej Group, has bought a land parcel in north Bangalore from Century Group in a deal valued around Rs 700 core.

GFM would develop a 700,000 sq ft commercial project on the new property and it would mark the company’s foray in the Bangalore property market.

“Century has sold a part of the 2.4 mn sqft office land and is looking to divest some land parcels and raise equity to generate liquidity,” said people aware of the deal.

This investment has been undertaken under the Rs 3,200-crore ‘Godrej Build to Core-I’ (GBTC-I) fund.

GFM has two funds—$450 million Godrej Build to Core and a $150 million Godrej Office Fund.

Jointly both the funds can invest and develop office assets worth over $1 billion in value.

“Century is in talks with Godrej Fund to monetise 15 acre land in North Bangalore as part of the land monetisation drive. The firm had sold land worth Rs 500 crore last year, ” said another person, who did not wish to be named.

Century Real Estate Holdings owns more than 2,500 acres of land across Bengaluru.

Century Real Estate, the firm with the largest land bank in Bengaluru, is foraying into commercial real estate and is targeting a commercial portfolio of 7 million sq ft over the next five years.

Besides, it plans to look at affordable segment development (Rs 50-60 lakh bracket) and plotted development.



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Mumbai: A.P. Moller-Maersk leases two lakh sq ft at Godrej Two – ET RealEstate

NEW DELHI: A.P. Moller-Maersk has leased about 2 lakh sq ft office space at Godrej Two, Vikhroli, Mumbai, the company said in a media release.

Godrej Two is first of the development assets under Godrej Fund Management’s GBTC I program and is jointly owned along with Godrej Properties.

Maersk will initially occupy about 1,40,000 sq ft with an option to take additional space, post which the total space occupied would be about 2 lakh sq ft.

Around 1,100 employees will be coming together to work at the new office once this is ready towards the end of 2020.

JLL was the exclusive transaction advisor and has also been appointed as the project manager to complete fit-outs for this office space.

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