Godrej Properties up 2% on Rs 1,830-crore real estate fund deal

Shares of realty firm Godrej Properties Ltd (GPL) gained over 2% on Tuesday after the company announced setting up of a real estate fund, which has raised $275 million (nearly Rs 1,829.5 crore), with Dutch pension fund APG as the lead investor.

The stocks surged 2.09% to Rs 293.80 on BSE. At NSE too, shares of the company jumped 2.09% to Rs 293.90. 

At 1308 hours, the company's shares were down from the day's high but still trading up 1.30% at Rs 291.40 or Rs 3.75 higher than the previous day's close.

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

"GFM has raised a $275 million 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.