GIC buys minority stake in Indian property developer

Provenance Land owns four acres of a mixed-used development site in central Mumbai.

GIC is acquiring a minority stake in Indian property developer Provenance Land, an announcement revealed.

Provenance Land owns a mixed-use development on over four acres of prime freehold land in Worli, central Mumbai, which is close to all the key local business districts.

“We believe this well-located, high-quality project will generate resilient returns in the long run and look forward to partnering with Provenance Land on this joint venture,” GIC Real Estate chief investment officer Lee Kok sun said.

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The mixed-used land is home to Four Seasons Hotel Mumbai which is a 5-star 34-storey hotel that has 202 rooms and Four Seasons Private Residences Mumbai which has 64 storeys and 41 units under construction and a proposed office tower.

“Their (GIC’s) core strengths of a disciplined approach to investing long-term capital and sound governance structures will no doubt help us create additional value for all stakeholders,” Provenance Land managing director Adarsh Jatia commented.