New Delhi: Singapore's sovereign wealth fund GIC has acquired a 'significant minority' stake in Provenance Land for an undisclosed amount, the realty firm said.
GIC had in December last year bought 33.34 percent stake in DLF's rental arm DLF Cyber City Developers Ltd (DCCDL) for about Rs 9,000 crore. DCCDL holds 27 million sq ft of price commercial assets earning an annual rental income of Rs 2,400 crore.
Provenance Land, which first introduced the Four Seasons brand in India, owns a mixed-use development project spread over four acres of prime freehold land in Worli, central Mumbai, the company said in a statement.
The project comprises a 5-star Four Seasons Hotel having 202 rooms, Four Seasons Private Residences and a proposed office tower.
Provenance Land MD Adarsh Jatia 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."
With our Worli development, he said the company is bringing a marque mixed-used project in the heart of Mumbai.
"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," Jatia said.
Lee Kok Sun, Chief Investment Officer of GIC Real Estate, said: "As a long-term global investor, we continue to have a positive outlook for 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."
The proposed office development is an attractive proposition, given continued demand for quality office space and expected long-term rental growth in Mumbai.
"We believe this well-located, high-quality project will generate resilient returns in the long run and look forward to partnering with Provenance Land on this joint venture," said Lee Kok Sun.
Provenance has delivered a portfolio of five greenfield hospitality projects across India. It has now forayed into diversified mixed-used developments.
Updated Date: Aug 22, 2018 16:06 PM