GIC hikes stake in Indian developer
It buys 5.1m Phoenix Mills shares for 1.06b rupees
[SINGAPORE] GIC is continuing with its foreign property investment spree.
Last week, it enlarged its stake in Bombay-listed property developer Phoenix Mills from 1.476 per cent to 5.023 per cent in an open market transaction worth 1.06 billion rupees (S$21.6 million).
This is the Singapore sovereign wealth fund's fifth foreign property investment in as many months, after sealing deals in Jakarta, Australia, London and New York City.
