Affiliates of GIC, Singapore’s sovereign wealth fund, and K Raheja Corp Group (“KRC”), one of India’s leading real estate developers, have entered into a 50-50 joint venture (“JV”) shareholding to acquire a 3-acre land parcel from Siemens at the prime location of Worli, off Dr Annie Besant Road, Ltd, for approximately US$94 million (INR6.1 billion), last December. The joint...
Affiliates of GIC, Singapore’s sovereign wealth fund, and K Raheja Corp Group (“KRC”), one of India’s leading real estate developers, have entered into a 50-50 joint venture (“JV”) shareholding to acquire a 3-acre land parcel from Siemens at the prime location of Worli, off Dr Annie Besant Road, Ltd, for approximately US$94 million (INR6.1 billion), last December. The joint venture company that bought the land parcel is Whispering Heights Real Estate Pvt Ltd.
AZB & Partners advised GIC on the entire transaction. Sai Krishna Bharathan and Ananya Sharma were the concerned partners for this deal.
The date of signing of the deal was on December 30, 2016 and the deal completion happened on September 21, 2017. The joint venture plans to develop a landmark office development in the city of Mumbai. A KRC entity will provide support services for development and management of the asset.