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.
