Singapore-based sovereign wealth fund GIC has decided to invest ₹2,800 crore in a commercial project in Bengaluru being built by the Bhartiya Group. In return, GIC will pick up 3 million sq. ft. of commercial assets in Bhartiya City, a 125- acre township project, along with some revenue from its facility management business. Bhartiya City’s commercial property has offices of some big players like IBM and Infosys.
GIC is the world's sixth largest sovereign wealth fund with $440 billion in assets under management and the newest would be its second largest deal in south India this year. Together with the Brigade Group, the fund is also in the final stages of buying 5.5 acres of prime property from the TVS Group along Chennai's famous Mount Road (Anna Salai) in a deal worth over ₹550 crore and has also recently invested over ₹5,500 crore in Reliance Retail Ventures. It is worth mentioning here that private equity investments continue to be driven by foreign investors, whose pension and sovereign funds are betting on income-yielding assets in the office, retail and industrial sectors. Global funds like Blackstone, Hines, Brookfield Asset Management, Ascendas, CPPIB, Mapletree, and Goldman Sachs are going all out to expand their portfolios in India.