GIC invests $1.9 billion in joint venture with one of India’s leading real estate developer

By EdgeProp Singapore / EdgeProp | August 28, 2017 4:24 AM SGT
On Aug 27, Singapore’s sovereign wealth fund GIC announced its US$1.4 billion (S$1.9 billion) investment in a joint venture with DLF Ltd, one of India’s leading real estate developer, in a portfolio of rental assets. The portfolio, comprising office and retail assets across India, will come under the consolidated portfolio of DLF Cyber City Developers Ltd. (DCCDL), a subsidiary of DLF.
The portfolio will have 26.9 million sq ft of rent yielding assets. Currently, the portfolio has approximately 2.5 million sq ft under development, with further development potential of approximately 19 million sq ft.
The portfolio comprises high-quality, income-generating assets which are located across India's top-tier cities, according to Lee Kok Sun, chief investment officer of GIC Real Estate.