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JSA, NDA, Fox Mandal, Linklaters, 40 advisers go Dutch on Rs 770 cr Godrej investment

LI, propagating Dutch stereotypes
LI, propagating Dutch stereotypes

Exclusive: J Sagar Associates (JSA), Nishith Desai Associates (NDA), Fox Mandal, international law firms Linklaters and two European firms, advised a consortium of investors led by Dutch pension services provider APG, in their Rs 770 crore ($141m) co-investment in Godrej’s Indian residential projects.

Alongside the Dutch funds, real-estate developer Godrej Properties and global real estate fund-of-funds Sparinvest Property Funds II also invested into the project.

One of the advisors on the deal said: “It was a very fast paced deal and at any given time there were around 40 people involved on it.”

Godrej Properties was advised by Nishith Desai Associates, while Sparinvest was advised by Danish firm Bruune & Hjejle.

JSA Gurgaon partner Rupinder Malik with senior associate Nitesh Bhasin and associates Kartik Jain, Mudita Roy and Sheetal Kapur acted for Stichting Depositary APG Strategic Real Estate Pool, which was one of the investors in the consortium, according to a JSA press release.

According to sources, Fox Mandal Noida partner Sudhish Sharma with Linklaters Asia partner Edward Smith and New York associate Pramod Thummala, and Netherlands-headquartered Loyens & Loeff Singapore partner Pieter de Ridder, acted for the other investors part of the APG-led consortium.

The consortium investors and Sparinvest, will together hold 71 per cent equity in the resulting special purpose vehicle which will build mid-income residential properties in Mumbai, Delhi-NCR, Bangalore, Pune and Chennai.

Nishith Desai Associates Mumbai partner Nischal Joshipura with associate Deepak Jodhani acted for Godrej Properties, which bought the remaining 29 per cent equity in the multiple real estate projects vehicle.

Godrej Properties will be the sole developer of the residential properties, in return for a development management fee.

It estimated that the real estate fund would live for six to seven years, including the investment horizon of two years and five years for project execution, according to Moneycontrol.

The deal represents a shift in focus for Godrej Properties, from joint ventures and joint development, to purchasing land parcels, according to real estate website Common Floor.

Godrej Properties raised over Rs 400 crore in India’s first ever institutional placement program in March this year, instructing Amarchand Mangaldas.

Photo by jurvetson

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