GIC Looks to Buy up to 50% in Provenance
Mumbai: Government of Singapore’s sovereign wealth fund GIC has emerged as the front-runner and is in advanced talks to buy up to 50% stake in Provenance Land that owns India’s first Four Seasons hotel and an underconstruction luxury development in Mumbai’s Worli locality, said three persons familiar with the development.
GIC is set to enter into a binding agreement with Prove- nance Land for the said stake buy over the next few days. The deal valuations and exact quantum will be negotiated over the next few weeks. “The exact quantum of stake sale is yet to be negotiated between both the parties, but the promoter family (Jatias) may sell anywhere between 26% and 49% stake in Provenance Land. The deal is estimated to value the company at around .₹ 2,000 crore,” said one of the persons mentio- ned above.
This will be the second large transaction to be concluded by GIC following its agreement with promoters of DLF to pick up 40% stake in DLF’s rental arm for around .₹ 12,000 crore.
Following the conclusion of the deal, both Provenance Land and GIC will also be developing a commercial project on nearly 2 acre land parcel adjacent to the hotel and residential project site. The developer’s residential development Four Seasons Private Residences Mumbai has so far sold 65% of the inventory.