diff --git a/grails-shell/src/main/groovy/org/grails/cli/boot/GrailsDependencyVersions.groovy b/grails-shell/src/main/groovy/org/grails/cli/boot/GrailsDependencyVersions.groovy
index 5e9530312e9..4be1d8ce212 100644
--- a/grails-shell/src/main/groovy/org/grails/cli/boot/GrailsDependencyVersions.groovy
+++ b/grails-shell/src/main/groovy/org/grails/cli/boot/GrailsDependencyVersions.groovy
@@ -1,5 +1,5 @@
 /*
- * Copyright 2014 original authors
+ * Copyright 2014-2024 original authors
  *
  * Licensed under the Apache License, Version 2.0 (the "License");
  * you may not use this file except in compliance with the License.
@@ -68,10 +68,37 @@ class GrailsDependencyVersions implements DependencyManagement {
 
     @CompileDynamic
     void addDependencyManagement(GPathResult pom) {
+        versionProperties = pom.properties.'*'.collectEntries { [(it.name()): it.text()] }
         pom.dependencyManagement.dependencies.dependency.each { dep ->
-            addDependency(dep.groupId.text(), dep.artifactId.text(), dep.version.text())
+            addDependency(dep.groupId.text(), dep.artifactId.text(), versionLookup(dep.version.text()))
         }
-        versionProperties = pom.properties.'*'.collectEntries { [(it.name()): it.text()] }
+    }
+
+    /**
+     * Handles properties version lookup in grails-bom
+     *
+     *   <properties>
+     *    <ant.version>1.10.15</ant.version>
+     *   </properties>
+     *
+     *   <dependencyManagement>
+     *    <dependencies>
+     *     <dependency>
+     *      <groupId>org.apache.ant</groupId>
+     *      <artifactId>ant</artifactId>
+     *      <version>${ant.version}</version>
+     *     </dependency>
+     *    </dependencies>
+     *   </dependencyManagement>
+     *
+     * @param version
+     *            either the version or the version to lookup
+     *
+     * @return the version with lookup from properties when required
+     */
+    String versionLookup(String version) {
+        version?.startsWith('${') && version?.endsWith('}') ?
+                versionProperties[version[2..-2]] : version
     }
 
     protected void addDependency(String group, String artifactId, String version) {