GIC eyes stake in Provenance Land

George Sell George Sell Uploaded 07 August 2017

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India: Singaporean sovereign wealth fund GIC is in advanced talks to buy a stake in developer Provenance Land.

Provenance Land owns India's first Four Seasons hotel, which includes serviced apartments, and an under-construction luxury development in Worli.

GIC is set to enter into a binding agreement with Provenance Land over the next few days.

"The exact quantum of stake sale is yet to be negotiated but the promoter family (Jatias) may sell anywhere between 26 per cent and 49 per cent in Provenance Land. The deal is estimated to value the company at Rs 2,000 crore," said a source close to the deal.

The developer's Four Seasons Private Residences Mumbai project, which is currently under construction, has so far sold 65 per cent of the inventory to prominent Non-Resident Indians (NRIs) and Indian business promoter families.

Indian press reports have said a surge in the uptake for branded residences in India is probably what has generated the interest from global private equity funds.

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