8/23/2018 12:29:26 PM
|written By : Team India Se|
Singapore’s sovereign wealth fund, GIC, has announced that it is acquiring a “significant” minority stake in Indian property developer Provenance Land.
Provenance Land owns four acres of a mixed-used development site in Worli, a prime South Bombay location, close to the city’s central business districts.
“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,” GIC Real Estate chief investment officer Lee Kok sun said.
The development comprises the 202-room luxury hotel Four Seasons Hotel; the 41-unit Four Seasons Private Residences 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: “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.”