Singapore’s GIC buys 49% in Provenance Land for Rs 1,000 crore
Government of Singapore’s sovereign wealth fund GIC has acquired 49% equity stake in realty developer Provenance Land that owns India’s first Four Seasons hotel and an under-construction luxury development in Mumbai’s sea-facing Worli locality for over Rs 1,000 crore, said two persons familiar with the development.
The deal is GIC’s second large transaction in India after it agreed to buy 33.34% in Gurgaon-based DLF’s rental arm for around $1.4 billion last year. This is also GIC’s first transaction involving mixed-use development including commercial, residential and hospitality properties, indicating the fund’s rising interest in these assets classes in India.
ET was first to report the advanced talks between GIC and Provenance Land for the proposed transaction on July 18.
GIC and Jatia’s Provenance Land will be developing a commercial project on a two-acre land property adjacent to the existing hotel and residential project site in Worli. Jatia’s Four Seasons Private Residences Mumbai, currently under construction, will also be part of this transaction. This project will have 41 branded and service apartments, including duplexes and penthouses, spread over 64 floors. The existing hotel property is the only operating Four Seasons Hotel in India with 202 rooms. Through this transaction, GIC will also get equity stake in the hotel.
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