GIC injects $312.4m in new residential investment JV

It will acquire land for projects in South India.

Indian property developer Brigade Group and GIC, through its affiliate company, yesterday revealed that they have entered into a Memorandum of Understanding to jointly invest up to USD 250m ($312.4m) in residential developments in various cities of South India.

The JV aims to acquire land for residential and mixed-use developments in cities primarily where the secular demand for high quality residential units is high.

According to M R Jaishankar, CMD, Brigade Group, "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. It is already under construction and witnessing robust sales. This JV will provide a platform for us toacquire and execute a series of similar projects in South India and further strengthen our partnership”.

 "As a long-term value investor, GIC is a believer in India's growth potential. We seek partners who share our
philosophy and values and have a reputable track record in the markets in which they operate. We are therefore pleased with the opportunity to partner Brigade, one of the leading developers in South India, in this joint venture,” noted Lee Kok Sun, Managing Director and Co-Head, Asia, GIC Real Estate.