Baker McKenzie Wong & Leow has advised Godrej Fund Management (GFM) on the structuring, formation and successful initial closing of two India-focused office funds – GBTC I LP (GBTC I) and Godrej Office Fund I LP (GOF I). The two funds together can invest or develop office assets of over US$1 billion in value. GFM is the real estate private equity arm of the Godrej Group.
GBTC I is a US$450 million office development focused fund that will invest in developing world class, Grade-A office buildings in leading locations across India's key office markets. APG Asset Management N V is the cornerstone investor. GOF I is a discretionary blind pool fund that will invest in core and core-plus office and commercial properties across India, and can invest up to US$110 million in equity at its initial closing from institutional and other investors, with the potential to further grow to its investment program to US$150 million.
GFM has entered into a joint investment with Godrej Properties Limited (GPL) to develop Godrej Two, a Grade-A commercial building at The Trees, which is GPL's flagship mixed-use urban district project in Vikhroli, Mumbai.
The team at Baker McKenzie Wong & Leow acted as the lead international counsel to GFM, and was led by Principal Derek Kwan, who was supported by Associates Jens Carle and Xuanyi Liu. Other team members involved were Principal Stephanie Magnus and Senior Associate Serene Chew who advised on the Singapore regulatory aspects of the deal.
Derek Kwan said: "We are delighted to have assisted Godrej Fund Management in its foray into India's booming office real estate sector. These funds mark GFM's diversification into the office asset class and we are honoured to have contributed to the design and build-out of GFM's line-up of real estate funds, and to support GFM on its impressive growth journey over the last few years, as it establishes itself as a leading fund manager in the India real estate sector. Significant deals like these testify to our strengths in offering our clients deep expertise, both local and global, and integrated service in helping them design and implement their investment platforms in today's complex regulatory, tax and transactional environment. This places us in strong stead to support our clients as they pursue their growth strategies."