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GIC to anchor Ascendas India realty platform

  • Andrew Woodman
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GIC Private will be the lead investor in an Indian real estate platform launched by Singapore-based Ascendas. The Ascendas India Growth Programme has a target size of S$600 million ($482 million) and will invest in real estate in India, focusing on business space developments.

The size of GIC's commitment was not disclosed.

Target cities include Bangalore, Chennai, Delhi, Hyderabad, Mumbai and Pune. According to a release, the program is hoping to leverage the projected strong demand for business space in India.

"The program builds upon our presence in India and offers an opportunity to share our expertise in developing and managing business space in the market," said Manohar Khiatani, president and CEO of Ascendas. "We are happy to have attacted GIC, a globally experienced, long-term investor, as a principle investor."

Ascendas, a business space solutions provider, specializes in developing and managing business space, already operates the Ascendas India Trust - which has invested in six companies - and the Ascenda India Development trust.

GIC Private has been in India since 2011. This latest commitment is its second in the real estate space - earlier this year it tied up with KKR to set up an NBFC to lend to property developers in the country.

Its private equity investments in the country include two substantial co-investments with Bain Capital - motorcycle manufacturer Hero MotoCorp and business process outsourcing player Genpact.

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