Singapore’s sovereign wealth fund GIC is raising its stake in Bengaluru-based Prestige Estates Projects Ltd by investing an additional ₹434 crore in the real estate company.
On Monday, Prestige Estates Projects announced that GIC-managed investment firm Gamnat Pte will acquire 13.4 million equity shares of the company at ₹323.22 apiece.
A stock exchange filing by Prestige said the company’s board has approved “issue and allotment of 1,34,41,654 equity shares at a price not less than floor price of ₹323.22 on preferential basis to GAMNAT Pte Ltd, which is an affiliate of GIC”. It added that the company will take shareholders’ approval before allotting the shares to GAMNAT.
GIC already owns about 16.33 million shares, or a 4.36% stake, in Prestige Estates Projects as on 30 September 2019. The Singapore firm had first invested money in Prestige in 2010 when it went public and had later increased its stake in the firm in 2015.
Last week, GIC announced its first exit from its portfolio of Indian properties when it sold stake in SEZ project WaveRock in Hyderabad for around ₹1,800 crore to Allianz Group’s joint venture entity with Shapoorji Pallonji Group.
Last year, GIC had invested around ₹9,000 crore to acquire around 33% stake in DLF’s rental arm DLF Cyber City Developers Ltd. Then Singapore fund has investments worth over $4.5 billion in India across residential, commercial and retail assets. Worldwide, GIC manages over $100 billion in public and private investments across asset classes such as private equity, real estate and public equity.
{{/usCountry}}Last year, GIC had invested around ₹9,000 crore to acquire around 33% stake in DLF’s rental arm DLF Cyber City Developers Ltd. Then Singapore fund has investments worth over $4.5 billion in India across residential, commercial and retail assets. Worldwide, GIC manages over $100 billion in public and private investments across asset classes such as private equity, real estate and public equity.
{{/usCountry}}Meanwhile, Prestige Estates has completed 236 projects in India with developable area of 123 million sq. ft and has 48 ongoing projects across segments, with total developable area of 48 million sq. ft. Further, it has 55 million sq. ft under planning and holds a land bank with potential developable area of over 29 million sq. ft.
The consolidated turnover of the company during 2018-19 was ₹5,284 crore with operating income of ₹1,566 crore.