GIC, Singapore’s sovereign wealth fund, is in a process to acquire 49 per cent stake in a realty firm Provenance Land for an amount of Rs 1,000 crore, officials representing the realty firm said.
Provenance Land owns a mixed-use development on over four acres of land in Worli, central Mumbai. The development comprises the dominant Four Seasons Hotel Mumbai, a 5-star 34-storey, 202-room luxury hotel; the Four Seasons Private Residences Mumbai, a 64-storey, 41-unit high-end project which is under construction, and a proposed office tower. A wholly-owned Provenance Land entity will be managing the development, an official statement said.
When Accommodation Times contacted, the representatives they said, “GIC is set to acquire 49% stake in the realty firm and the mount for it may cost Rs 1,000 crore.”
Adarsh Jatia, Managing Director, 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. With our Worli development, we are bringing a marque mixed-used project.”
GIC and DLF have also recently entered into a JV for constructing two projects in Delhi. It will invest over Rs 1,200 crore for the next four years for a housing project.
Lee Kok Sun, Chief Investment Officer of GIC Real Estate, said, “This investment is a unique opportunity to acquire a stake in a high-end mixed-use development situated in a prime location 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, he added.
The Provenance Land is investing US$ 250 million on the development of its existing 4.5 acre land in Worli Mumbai, adjacent to the Four Seasons Hotel. This development comprises of the first branded, serviced and managed private residences project by Four Seasons in India, an official release said.
Sun said, 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.