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Gurgaon News  | Gurgaon Blogs  |  Gurgaon Article

Godrej Properties transfers stake in Gurgaon project to Shubh Properties
28/06/2014
Mumbai-based developer Godrej Properties has transferred its majority stake in an upcoming project in Gurgaon to its residential co-investment platform comprising a global consortium of several foreign institutional investors led by Dutch pension services provider APG.

The firm has transferred its 74.9 per cent 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.

The company made the announcement as per a stock market disclosure on June 24.

"The company along with its subsidiary Wonder City Buildcon Private Limited (WCBPL) has entered into an agreement with Shubh Properties Cooperatief U.A, and others, to transfer 74.9 per cent of the equity share capital held by the company in WCBPL for its project at Sector 79, Gurgaon," said the company in an exchange filing.

Shubh Properties was created as part of the two-year-old deal when Godrej Properties secured investment commitments of ?770 crore for its residential property development platform. While foreign investors hold a 71 per cent stake in the joint venture, Godrej Properties owns the rest.

The platform focuses on developing mid-income residential properties in Mumbai, Delhi-NCR and Bangalore besides looking at opportunities in Pune and Chennai. Godrej Properties is also the exclusive developer of the projects and also gets development management fee.

Last year the company had transferred 49 per cent stake in its project at Sahakar Nagar II in Chembur, Mumbai and 74.9 per cent stake in its project in Okhla Industrial Area, Phase-1 in Delhi to the same platform.

The company scrip was trading at ?245.05, up 7.70 points or 3.24 per cent on the BSE on Wednesday morning.

Source :http://goo.gl/wPEcvm






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