NEW DELHI:Singapore’s sovereign wealth fund,GIC said that it has acquired a significant minority stake in Provenance Land, the developer that first introduced the Four Seasons brand into India.
Provenance Land owns a mixed-use development on over four acres of prime freehold land in Worli, central Mumbai, which is situated close to all the key local business districts. The development comprises the dominant Four Seasons Hotel Mumbai, a 5-star 34-storey, 202-room luxury hotel; the Four Seasons Private Residences Mumbai, a 64-storey, 41-unit high-end project which is under construction, and a proposed office tower. A wholly-owned Provenance Land entity will be managing the development.
Adarsh Jatia, Managing Director, Provenance Land, said, “I am delighted to partner with GIC, an institutional long-term real estate investor. This investment marks a key milestone for Provenance Land, as it directly bears out the intent to expand quickly and strategically into new best-in-class developments and deliver on our vision. With our Worli development, we are bringing a marque mixed- used project comprising hospitality, branded Four Seasons Private Residences and a Class A office building on par with global standards, in the heart of Mumbai. GIC’s investment brings us their international expertise in these asset classes. Their 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.”
Lee Kok Sun, Chief Investment Officer of GIC Real Estate, said, “As a long-term global investor, we continue to have a positive outlook in India’s growth potential in the long run. This investment is a unique opportunity to acquire a stake in a high-end mixed-use development situated in a prime location in Mumbai. In addition to the exclusive Four Seasons properties, the proposed office development is an attractive proposition, given continued demand for quality office space and expected long-term rental growth in Mumbai. 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.”