“GIC has been shortlisted and the deal is under documentation and has not been funded yet,” one of them said. Other global funds, including Blackstone, too had shown interest in the property, the person said. Global Tech Park is an integrated mixed-use project with developable area of 15 acres, or 2.5 million sq ft, at Marathahalli Outer Ring Road. Big corporates operating from the property include Vodafone and LinkedIn.
The sovereign wealth fund had invested $1.4 billion for 33% in real estate developer DLF’s rental arm, creating one of the biggest commercial platforms in India’s real estate market. It also has exposure to Godrej Properties, Brigade Group and Prestige Estates.
“GIC has been actively looking to step up investment in commercial space and Bangalore is one of the important markets for them,” said one of the persons cited earlier.
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