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Singapore’s sovereign wealth fund GIC is acquiring a significant minority stake in Indian developer, Provenance Land.
Provenance Land owns a mixed-use development located on over four acres of prime freehold site in Worli, central Mumbai.
To be managed by a fully-owned unit of Provenance Land, the development comprises the five-star 34-storey Four Seasons Hotel Mumbai, the 64-storey Four Seasons Private Residences Mumbai, which is still under construction, as well as a proposed office tower.
Provenance Land managing director Adarsh Jatia described the investment as a key milestone for the company as “it directly bears out the intent to expand quickly and strategically into new best-in-class developments and deliver on our vision”.
With the Worli project, he said the company is bringing a marque mixed-used development 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,” he added.
GIC chief investment officer Lee Kok Sun said the fund continues to have a “positive outlook in 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,” he said
“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.”
Eugenia Rosaline Shlaen edited this story. To contact her about this or other stories, email eugenia@propertyguru.com.sg
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