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Tuesday, February 7, 2023
HomeNewsTop NewsGIC to pick up three million sq ft in Bengaluru's Bharatiya City...

GIC to pick up three million sq ft in Bengaluru’s Bharatiya City for Rs 2,800 crore

The deal will see GIC picking up 3 million sq ft of commercial assets in Bhartiya City, a 125-acre township project, from the builder, along with some revenue from its facility management business.

GIC, is in talks with the Bhartiya Group to invest ₹2,800 crore in its commercial project in Bengaluru.

The deal will see GIC picking up 3 million sq ft of commercial assets in Bhartiya City, a 125-acre township project, from the builder, along with some revenue from its facility management business.

The money will be used by the Bhartiya Group to repay part of its debt on commercial property that houses firms like IBM and Infosys.

“There is debt of over ₹1,000 crore against the commercial development. GIC is currently doing due diligence on the assets and will also take over some other commercial buildings once completed and leased,” said two people aware of the deal.

GIC and the Bhartiya Group did not respond to emails seeking comment till press time Saturday.

For GIC, this is the second-largest deal in South India this year. The fund, jointly with the Brigade Group, is also in the final stage of buying 5.5 acres of prime real estate along Chennai’s iconic Mount Road (Anna Salai) belonging to the TVS Group in a deal valued at over ₹550 crore.

“GIC is very aggressive in the market and is looking to further strengthen its commercial portfolio. The Brigade deal is also expected to close soon,” said one of the people.

GIC is the world’s sixth-largest sovereign wealth fund with $440 billion in assets under management. The firm has recently invested more than ₹5,500 crore in Reliance Retail Ventures.

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