Singapore’s GIC to invest about $61m in Prestige Estates Projects

Photo: Reuters

Singapore’s sovereign wealth fund GIC is investing about 61 million (Rs 430 crore) in Indian real estate developer Prestige Estates Projects Ltd through a preferential allotment of shares, the latter said in a regulatory filing.

“…the Board has approved to create, offer, issue and allot on preferential basis, 13,441,654 equity shares of face value Rs.10 at a price not less than floor price of Rs.323.22, determined in accordance with Chapter V of the SHBI ICDR Regulations to Gamnat Pte Ltd,”Prestige Estates in its filing, dated December 20, 2019, said.

Gamnat is an investment firm managed by GIC.

Bengaluru-headquartered Prestige Group reportedly has more than 36 million sq ft of under-construction and upcoming office properties. It also has six malls in the pipeline in addition to 10 operational retail assets.

According to a report in The Economic Times in October, Prestige Estates is considering REIT for its income generating assets as its looks to monetise assets.

The development comes close on the heels of GIC recently divesting its stake in special economic zone (SEZ) property Waverock in Hyderabad to SPREF II Pte. Ltd., a joint venture between Allianz Group and Shapoorji Pallonji Group.

GIC had acquired 50% stake in Tishman Speyer’s WaveRock in 2015.

Last year, Gamnat had also invested Rs 1,000 crore in the real estate arm of the Godrej Group to fund its growth plans. In 2017, GIC had also acquired a 33.34% stake in developer DLF’s rental arm DLF Cyber City Developers (DCCDL) for $1.39 billion.

Private equity investments in Indian real estate during the first three quarters of 2019 rose to Rs 39,182 crore, up 19 per cent in the same period a year ago, according to data from Cushman & Wakefield India.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.