GIC, QIA, ADIA look to invest $400 million in Prestige Estates
Singapore’s sovereign wealth fund GIC, Qatar Investment Authority (QIA) and Abu Dhabi Investment Authority (ADIA) are in talks with Prestige Estates to invest about $400 million (Rs 2,880 crore) as part of the property developer’s plan to monetise some of its commercial office space and mall assets, before it goes for a REIT (real estate investment trust) listing by the end of this year, a person familiar with the matter said.
GIC is almost certain to be a participant. It already holds about 9% in Prestige after the Bengaluru-based realtor raised Rs 436 crore from it in a Rs 900 crore-QIP (qualified institutional placement) last month.
Chief executive Venkat Narayana said in a postearnings call with analysts that the company was in talks with investors. “There are 2, 3 large investors who had approached us and who have been discussing to partner for the pre-REIT as well. So, as to participate in the portfolio now and become anchor when we do a public market REIT,” he said in January. Prestige declined to comment on the names of the potential investors. GIC and QIA could not be reached for comment and ADIA declined comment .