GIC to pick up minority stake in Prestige’s Exora Business Park

Singapore’s sovereign wealth fund GIC, has entered into a preliminary term-sheet with Bengaluru-based realty player Prestige Estates, to pick up a minority stake in the latter’s subsidiary. Prestige Estate’s wholly-owned subsidiary Prestige Exora Business Park and Reco Jade Ind (Reco), a subsidiary of GIC (Realty) have entered into a preliminary term sheet for picking up of minority stake by Reco in Exora, the developer said in a filing to BSE. Exora Business Park directly or indirectly owns, many operating and under-construction office properties of the developer. With nearly 83.63 million sq ft of completed projects and 142.4 million sq ft under various stages of implementation, Prestige is present in various business verticals including residential, commercial, retail, hospitality and services. The company recently acquired CapitaLand’s stake in various mall entities, for Rs 342 crores. The acquisition portfolio includes five ready and operating retail malls across Bengaluru, Hyderabad, Mangaluru, Mysuru and Udaipur, a mall management firm, operating Oakwood serviced residences at Bengaluru and under-construction properties at Kochi. It had also entered into a platform deal with HDFC Capital Advisors to create a corpus to the tune of Rs 2,500 crores to develop large scale mid-income and affordable housing projects across geographies.