Godrej Properties shares gain on $275-mn real estate fund deal

MUMBAI: Shares of realty firm Godrej Properties Ltd (GPL) ended the day higher 1.7 per cent today after the company announced setting up of a real estate fund, which has raised USD 275 million, with Dutch pension fund APG as the lead investor.

The stocks surged 2.09 per cent to Rs 293.80 on BSE.

At NSE too, shares of the company jumped 2.09 per cent to Rs 293.90.

GPL, the real estate arm of the Godrej group, yesterday said it has "created a dedicated real estate funds management business in India and Singapore -- Godrej Fund Management ( GFM)".

"GFM has raised a USD 275 million (Rs 19 billion) pool of capital, Godrej Residential Investment Program II (GRIP II), with Dutch pension fund asset manager APG Asset Management NV (APG) as the lead investor," it had said.

The fund will invest in residential projects in India.