By Ishita Russell
GIC is likely to pick up around 40 per cent stake in the rent-yielding, 5-million-sqft office portfolio
The property developer said the acquisition would enable Low Keng Huat to replenish its land bank for residential developments in Singapore.
Mets Ozone is a community-based retail facility located in Higashi-ku, Nagoya City.
The five-story property on East 64th Street was sold for $90 million, according to records filed with New York City.
This is a major relief for the promoters of beleaguered Orbit Corp., who were facing attachment of properties and a travel ban by the Bombay high court.
Piramal intends to scale it up and invest around $2 billion in such projects by 2020.
A new vehicle will initially be capitalised with over $800 million of equity targeted to support approximately $2 billion in data center development and investment.
In December, DLF promoters had concluded the sale of a 33.34% stake in its rental arm to GIC Pte Ltd for around Rs8,900 crore.
Mirach said the acquisition will allow its subsidiary CPHL and RCL Kelstar to jointly develop a multi-storey project in Malaysia.
The sale price translates to a land cost of approximately S$1,515 per square foot per gross floor area.