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GIC, Phoenix group start talks over Rs 800-crore office project deal

RMZ-Brookfield's and Prestige-Blackstone's (which is in the works), are multiple property deals that are taking place, sources said

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Blackstone Group | Phoenix

RAGHAVENDRA KAMATH  |  Mumbai 

Singapore’s sovereign fund GIC is in talks with Hyderabad-based Phoenix group to buy a 1.2 million square feet office project in the city, said sources in the know. The deal is taking place at a cap rate of 8.25 per cent and is expected to be around Rs 800 crore in value, said sources.

Cap rate or capitalisation rate means net operating income divided by current market value of the asset. Though a couple of such big commercial deals have happened or is happening in the property market, GIC’s will be the largest single property deal this year, if it ...

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First Published: Tue, October 13 2020. 06:10 IST
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