JSA NDA and FoxMandal advise on Godrej Properties and APG led consortium investment for housing projects

Realty developer Godrej Properties and a consortium led by Dutch pension service provider APG have entered into a agreement for Rs. 770 crore ($141 million) investment in Indian Residential Real Estate projects..These investors including global fund-of-funds Sparinvest Property Fund II will invest in Godrej Properties’ residential projects, reports ET..J. Sagar Associates advised Stichting Depositary APG Strategic Real Estate Pool, with a team led by Partner Rupinder Malik along with Senior Associate Nitesh Bhasin and Associates Kartik Jain, Mudita Roy and Sheetal Kapur..Nishith Desai & Associates advised Godrej Properties with a team led by Partner Nischal Joshipura..Fox Mandal advised Heritage Investments, one of the investors. The Fox Mandal team was lead by Partner Sudish Sharma along with Senior Associate Sonia Abrol and Associate Devesh Pandey..Apart from these onshore advisors, the transaction also involved overseas counsels. The other three advisors were Linklaters, Bruune & Hjejle and Loyens & Loeff..Speaking to Bar & Bench FoxMandal Partner Sudish Sharma said, “The transaction involved structuring of complex issues with respect to both resident and non-resident investments in various FDI compliant projects which will involve construction, development and sale of real estate properties, including for residential use in India to be undertaken by various project SPVs.”.Godrej Properties Limited will initially hold 29 per cent while the consortium of investors will have 71 per cent of the special purpose vehicles that will undertake multiple Real Estate projects..This venture will focus on developing mid-income residential properties in Mumbai, Delhi-NCR and Bangalore besides looking at opportunities in Pune and Chennai..Moreover, Godrej Properties will exclusively develop these Real Estate projects in return for a development management fee.