GIC to infuse Rs 2,800 crore in Bengaluru’s Bhartiya city

Singapore's sovereign wealth fund, GIC, is in discussions with the Bhartiya Group to infuse Rs 2,800 crore in its commercial project in Bengaluru. The agreement will witness GIC acquiring 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 utilised by the Bhartiya Group to repay part of its debt on commercial property that accommodates companies like IBM and Infosys. There is a debt of more than Rs 1,000 crore against the commercial development. GIC is presently doing due diligence on the assets and will additionally acquire some other commercial buildings once achieved and leased. For GIC, this is the second-largest agreement in South India this year. The fund, together with the Brigade Group, is additionally in the final stage of purchasing 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 Rs 550 crore. GIC is very aggressive in the market and is looking to further boost its commercial portfolio. The Brigade agreement is also anticipated to close shortly. GIC is the world's sixth-largest sovereign wealth fund with $440 billion in assets under management. The company has lately funded over Rs 5,500 crore in Reliance Retail Ventures. Image Source Also read: MahaRERA issues order to provide certificates to realty authority