GIC, Ascendas to invest Rs 3k cr in India real estate

Both entities set up 'the Ascendas Indian growth programme' where GIC will be principal investor

GIC, Singapore government’s wealth fund, and Ascendas, a developer-investor from the same country, will invest S$600 million (Rs 3,000 crore) in Indian property.

The companies have set up the Ascendas India Growth Programme with a targeted corpus of S$600 million, where GIC will be the principal investor, they said in a joint statement on Tuesday. They will invest in business spaces in cities including Bangalore, Chennai, Pune, the National Capital Region, Mumbai and Hyderabad.

“The target investments include business space developments that may have other complementary uses and pre-stabilised completed business space assets,” the statement said.

Experts say commercial properties in India offer a great opportunity for investors. “It (GIC-Ascendas announcement) signifies a phenomenal intent in a scenario when very few people are looking at India. It is up to discerning investors who understand and appropriate long-term potential in commercial properties here,” said Ambar Maheshwari, managing director, corporate finance, property consultant Jones Lang LaSalle.