GIC to expand stake in Prestige Estate

Singapore sovereign wealth fund GIC Pte Ltd will increase its stake in Bengaluru developer Prestige Estates Projects Ltd for Rs 430 crore ($60.41 million).

GIC, through unit Gamnat Pte Ltd, will buy 13.4 million shares at Rs 323 apiece through a preferential allotment, Prestige said in a stock market notification

GIC as of now claims about 16.33 million offers, or a 4.36% stake, in the organization. This stake is worth Rs 565 crore dependent on Prestige’s end share cost of Rs 345.60 each on Monday.

Prestige has been working on bringing an investor on board for its rental arm for the last few years. It has streamlined its assets over the last few years and given exit to many investors including Red Fort Capital and CapitaLand

The company has a presence across commercial, residential, retail and hospitality segments. It also offers property management services.

Prestige has completed 236 projects with a developable area of 123 mn sq ft and has 48 ongoing projects across segments with total area of 48 mn sq ft.

GIC has been a long-term investor in the real estate market of India. It has investments worth over $4.5 billion in the country across residential, commercial and retail assets.
Its portfolio includes developers such as Godrej Properties Ltd and Anant Raj. Last year, GIC struck a $1.4 billion deal with DLF Ltd for a stake in its rental arm.

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