Godrej Properties Ltd said it has transferred majority ownership in a special purpose unit developing an 18-acre plot in Kanakapura to Shubh Properties Cooperatief U.A. — a joint venture between APG Groep N.V., Sparinvest Property Investors and Godrej Properties Ltd..
The plot was acquired by Godrej Properties (in association with Dutch pension services provider APG) earlier this month from Puravankara.
The stake transferred is to the extent of 74.90%. It has been given in Godrej Home Constructions Private Ltd — a specal purpose vehicle of Godrej Properties Ltd — which made the original acquisition.
Financial details of the deal were not disclosed.
With this, said GPL, Godrej Home Constructions Private Ltd will no longer be counted as a subsidiary.
Shubh Properties Cooperatief U.A. is associated with Dutch pension services provider APG.
“This is the fourth investment made by the APG anchored real estate investment platform,” Godrej Properties said.
Last year, Godrej Properties had transferred its majority stake in a project in Gurgaon to a global consortium of several foreign institutional investors led by Dutch pension services provider APG.
In June last year, GPL had transferred its 74.9% stake in subsidiary Wonder City Buildcon Private Limited (WCBPL) for a project in Sector 79, Gurgaon to Shubh Properties Cooperatief U.A, for an undisclosed amount.