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GIC is investing around Rs 430 crore in Prestige Estates

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GIC

GIC has been investing aggressively in Indian real estate sector and has increased its activity in the market over the last few years

Singapore’s sovereign fund GIC is investing around Rs 430 crore in listed real estate developer Prestige Estates through a preferential issue of equity shares.

GIC-managed investment firm Gamnat Pte will acquire 13.4 million equity shares of the Bengaluru-based company at Rs 323.22 per share, Prestige said in a regulatory filing.

Prestige Estates has already approved the preferential issue to Gamnat.

Last week, GIC had concluded its maiden exit from any of its Indian properties by selling stake in IT Special Economic Zone property WaveRock in Hyderabad for around Rs 1,800 crore to Allianz Group’s joint venture entity with Shapoorji Pallonji Group. GIC had acquired 50% stake in Tishman Speyer’s WaveRock in 2015 at an enterprise valuation of Rs 1,000 crore.

GIC has been investing aggressively in Indian real estate sector and has increased its activity in the market over the last few years. Last year, for instance, Gamnat had invested Rs 1,000 crore in the real estate arm of the Godrej Group to fund its growth plans.

Indian real estate sector is witnessing a robust rise in investment inflow, given the ongoing transformation in business environment led by the reforms undertaken by the government, with both foreign and domestic institutional investors pumping in more funds.

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