News site VCCircle, quoting people familiar with the development said that while the “deal has also elicited interest from other marquee investors including Singapore-based Ascendas and Blackstone“, the Singapore fund (GIC) was in the lead position to acquire Exora Business Park.
The report also added that this asset – located at Marathahalli, Outer Ring Road, Bangalore and spread over 22 acres of land – could be worth around $150 million.
In another report, VCCircle said that GIC was looking at swapping its stake in Reid and Taylor, in exchange for equity in the company’s listed parent S Kumars Nationwide (SKNL). The report highlighted added that while this could provide a future liquidity window for the Singapore fund, it may not eventually amount to much as the parent firm, SKNL,was itself debt-laden.
GIC’s investment in Reid & Taylor (India) Ltd stretches back seven years, when it invested Rs 900 crore for a 25 per cent stake in it in 2008. The deal valued Reid & Taylor (India) Ltd more than its parent, and it led to SKNL hiving off Reid & Taylor into a separate entity.
Earlier attempts to monetise Reid & Taylor (India) Ltd have all failed. In 2010, the company had planned to raise Rs 500 crore in its initial public offering, but the listing failed to take off, and three years later, SKNL’s attempts to sell a majority stake to buyout funds had also failed to take off.