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GIC, QIA and ADIA in talks with Prestige Estates
Investors - MARCH 3, 2020

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GIC, QIA and ADIA in talks with Prestige Estates

by Andrea Zander

Singapore’s sovereign wealth fund GIC, Qatar Investment Authority (QIA) and Abu Dhabi Investment Authority (ADIA) are in talks to invest about $400 million in Bengaluru, India–based real estate developer Prestige Estates, according to media outlets.

According to a report in The Times of India, Prestige Estates is looking to monetize some of its retail mall and office assets before it goes for a REIT listing by the end of this year.

Chief executive Venkat Narayana said in a post-earnings call Prestige Group is in talks with two to three large investors to raise $300 million to $400 million prior to turning into a REIT. Narayana confirmed the fundraising plan and said around 6 million square feet of retail and commercial office space will be ready in the next 10 months. ​

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