Godrej Properties Limited has acquired Udhay GK-Realty Private Limited from HDFC Ventures Trustee Company Limited.

Although the deal amount is not known, last year, Godrej Properties had taken shareholders approval for investments up to Rs.30 Cr in Udhay-GK Realty.

Transaction Reference: BSE

HDFC Ventures Trustee Company Ltd is the trustee of HDFC Property Fund and invests through the scheme HDFC India Real Estate Fund.

Godrej Properties was established in 1990 as a real estate development company by the Godrej Group. The company developes residential, commercial and retail properties in Mumbai, Pune, Bangalore and Kolkata. The company involves in the development of an area of approximately 82 Mn square feet.

Last October, it raised funds Rs.45 Cr by selling 49.9% stake in its SPV Godrej Buildwell to Motilal Oswal PE.

In 2009, Godrej Properties raised Rs.468.8 Cr in IPO and also brought in funding of about Rs 110 cr from Milestone Real Estate Fund at an SPV level for its Kolkata project.

Also last year, Godrej Properties Limited sold 49% of its stake in its subsidiary Godrej Estate Developers to HDFC Asset Management for Rs 45 cr.It had also sold 49% stake in its subsidiary Godrej Sea View Properties Pvt Ltd to HDFC PMS for Rs 55 Cr.

The company reported total income of Rs.214.37 Cr with net profit of Rs.121.63 Cr, while for nine months period ending December 2010 its revenue wasRs.39.76 Cr with net profit of Rs.13.25 Cr.

In this space, last year Vijay Shanthi Builders Ltd acquired High End Homes Pvt Ltd for around Rs.30 Cr. In 2009, Agra-based Gee Kay Finance & Leasing Ltd acquired Sigrun Realties Ltd for Rs 3.45 bn.

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