AVCJ

GIC to set up $247m realty JV with India's Brigade Group

  • Andrew Woodman
  • LinkedIn  
  • Google plus  
  • Save this article  

Singapore sovereign wealth fund GIC Private has agreed to set up a joint venture with India's Brigade Group to focus on residential real estate investments.

According to a release, the two parties entered into a memorandum of understanding to jointly invest up to a INR15 billion ($247 million) in developments in various cities in southern India. The JV will acquire land for residential and mixed-use developments in cities where the secular demand for high quality residential units is high.

"Our first joint venture project - Brigade Cosmopolis is a well-conceived, residential community with several amenities coming up at Whitefield, Bangalore that will be home to over 880 families," said M.R. Jaishankar, chief marketing director with Brigade Group. "It is already under construction and witnessing robust sales."

He added that the JV would provide a platform to acquire and execute a series of similar projects. Brigade Group is one of India's leading developers and has completed over 100 buildings spanning a total developed area of 20 million square feet.

GIC Private has been active in India since 2011. In November last year, the fund took the role of 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.

  • LinkedIn  
  • Google plus  
  • Save this article  

More on South Asia

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs