Singapore’s sovereign wealth fund, GIC, is in talks with the Bhartiya Group to speculate ?2,800 crore in its industrial mission in Bengaluru. The deal will see GIC selecting up three million sq ft of economic belongings in Bhartiya City, a 125-acre township mission, from the builder, together with some income from its facility administration enterprise.
The cash will probably be utilized by the Bhartiya Group to repay a part of its debt on industrial property that homes companies like IBM and Infosys.“There is debt of over ?1,000 crore against the commercial development. GIC is currently doing due diligence on the assets and will also take over some other commercial buildings once completed and leased,” mentioned two individuals conscious of the deal.
For GIC, that is the second-largest deal in South India this yr. The fund, collectively with the Brigade Group, can also be within the last stage of shopping for 5.5 acres of prime actual property alongside Chennai’s iconic Mount Road (Anna Salai) belonging to the TVS Group in a deal valued at over ?550 crore.
“GIC is very aggressive in the market and is looking to further strengthen its commercial portfolio. The Brigade deal is also expected to close soon,” mentioned one of many individuals.
GIC is the world’s sixth-largest sovereign wealth fund with $440 billion in belongings beneath administration. The agency has just lately invested greater than ?5,500 crore in Reliance Retail Ventures.