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GIC affiliates team up with India developer to buy US$94m Mumbai land parcel

THE affiliates of Singapore's sovereign wealth fund GIC is set to pick up, through a joint venture with a leading real estate developer in India, a land parcel for about US$94 million.

GIC and K Raheja Corp (KRC) Group have entered into a 50:50 JV shareholding to acquire the three-acre land parcel from Siemens in Worli, a prime locality in Mumbai, India.

The JV has earmarked the plot of land off Dr Annie Besant Road, Ltd, for a landmark office development.

A KRC entity will provide support services for the development and management of the asset.

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