GIC pips Brookfield to buy stake in Provenance Land

GIC has also formed a non-banking finance company with US investor KKR

Singaporean sovereign fund GIC pipped Canadian investor Brookfield to emerge as the front-runner to buy a significant stake in Adarsh Jatia-owned Provenance Land, which owns Four Seasons Hotel & Residences in Worli area of Mumbai. The deal size is expected to be around Rs 1,000 crore — the biggest transaction in the hospitality sector this year.

For GIC, this is the second-biggest deal in real estate this year after it entered into an agreement with DLF to buy a 40 per cent stake of promoters in rental arm DLF Cybercity Developers (DCCL). Though the company is yet to announce the deal