GIC snapping up significant minority stake in Indian real estate developer
SOVEREIGN wealth fund GIC is acquiring a "significant" minority stake in Indian developer Provenance Land, it said in a release on Wednesday.
Provenance Land owns a mixed-use development situated on four acres of prime freehold land in Worli, central Mumbai. The development comprises the 202-room luxury hotel Four Seasons Hotel Mumbai; the 41-unit Four Seasons Private Residences Mumbai which is under construction, and a proposed office tower. A wholly-owned unit of Provenance Land will manage the development. Adarsh Jatia, managing director of Provenance Land, said: "This investment marks a key milestone for Provenance Land, as it directly bears out the intent to expand quickly and strategically into new best-in-class developments and deliver on our vision. GIC's investment brings us their international expertise in these asset classes. Their core strengths of a disciplined approach to investing long-term capital and sound governance structures will no doubt help us create additional value for all stakeholders."
Lee Kok Sun, chief investment officer of GIC Real Estate, said: "As a long-term global investor, we continue to have a positive outlook on India's growth potential in the long run. This investment is a unique opportunity to acquire a stake in a high-end mixed-use development situated in a prime location in Mumbai. In addition to the exclusive Four Seasons properties, the proposed office development is an attractive proposition, given continued demand for quality office space and expected long-term rental growth in Mumbai."
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