18.12.2014 - GIC to develop two projects near Delhi
Sovereign wealth fund GIC continues to have a strong appetite for real estate - turning its sights on India for its latest deal. It has entered into a joint venture with Indian property firm Vatika Group to develop two residential projects in Gurgaon near the nation's capital New Delhi. The two firms said in a joint statement yesterday that the projects will meet demand for high-quality residential units. Vatika, which is involved in a wide spectrum of real estate, including residential, commercial, township and facilities management projects, will be the developer. The two projects have a development potential of more than 2.3 million sq ft and are set to generate revenues of some 20 billion rupees (S$420 million) when completed by the 2018-2019 financial year. No other financial details were made known.............................................Full Article: Source
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