Godrej Properties inks private equity agreement with SUN-Apollo

By Accommodation Times Bureau

Godrej Properties enters into private equity agreement with SUN-Apollo India Real Estate Fund, LLC acting through its affiliates/companies (SUN-Apollo).

The real estate developer sells 49% equity stake in a subsidiary developing its project at Sector 104 in Gurgaon.

Godrej Properties (GPL) the real estate development arm of the Godrej. Group, has announced an agreement with SUN-Apollo. Through this agreement, GPL has sold 49% equity stake in its subsidiary, Godrej Premium Builders Private Limited (GPBPL). SUN-Apollo has invested Rs. 450 million out of which Rs. 18.3 has been paid to GPL for sale of stake and Rs. 267 million has been invested in GPBPL.

Pirojsha Godrej, executive director, Godrej Properties (Q,N,C,F)* said, “We are very happy to have reached this agreement with SUN-Apollo. This fits in well with GPL’s strategy of efficient capital management and demonstrates our continued ability to attract equity capital in all market conditions. “