GFM will develop grade-A office assets that will be valued in excess of $1.5 billion (around Rs 11,000 crore) on completion and the total value of the assets including those from previous funds will take the portfolio value on completion to over $3 billion (around Rs 22,000 crore).
The platform will develop Class-A office assets across India
Amazon India currently occupies around 0.4 lakh sq ft in Godrej One and is looking to expand its presence with this new lease deal.
Godrej Fund Management made the first close of its USD 450 million office development fund and the first close of its USD 150 million office investment fund. Unlike housing sector, the commercial real estate, particularly office buildings, is performing fairly well and attracting huge interest from domestic and global investors.