Singapore's GIC forms JV with Vatika Group
JV for two residential projects near New Delhi
GIC Pte Ltd, Singapore's sovereign wealth fund, formed a joint venture with property developer Vatika Group for two residential projects near New Delhi, the two firms said in a statement on Monday.
The projects in Gurgaon, to be developed by Vatika Group, are expected to be completed by financial year 2018-19 and are forecast to generate revenue in excess of Rs 2,000 crore ($319 million), they said.
Other details of the joint venture were not disclosed.
GIC has been on a property-buying spree. Its recent investments include an office building in Rio de Janeiro, an office tower in Tokyo, shopping centre in Rome and logistic properties in the United States.
($1 = 62.7050 rupees)