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GIC Inks JV With DLF Home Developers Ltd


Singapore-based sovereign wealth fund GIC has entered into a joint venture (JV) with DLF Home Developers Ltd (DHDL), a subsidiary of India’s biggest builder DLF Ltd (DLF), the company said in a statement.
 
GIC has invested Rs 1,990 crore ($300 million) across two projects of the real estate firm which are located in Central Delhi. The projects are based in Moti Nagar where DLF had acquired two separate parcels of land in 2007 from DCM Shriram Consolidated and Lohia Group.
 
Both DLF and GIC will set up two separate JVs for the two plots of land where the investor will put in the capital in project development arms directly.
 
“We hope that this investment is a beginning of a new relationship with GIC at the project level,” said Saurabh Chawla, senior executive director – finance, DLF Ltd. Going forward, such project level investments shall lead to unlocking of embedded value in many of DLF’s development projects, he added.
 
Loh Wai Keong, managing director and co-head Asia, GIC Real Estate, said, “GIC is confident in India’s long-term growth potential and we look forward to partnering DLF, a leading real estate developer in India, to tap into the attractive opportunities of India’s real estate sector.”
 
GIC has been upbeat about India and has invested in the country’s real estate projects in the past as well. It has entered into a Rs 1,500-crore JV with Brigade Enterprises to develop properties in southern parts of the country in 2014. Other pension and sovereign funds which have invested in the real estate sector  include CPPIB Credit Investments’ tie up with Piramal Enterprises.  
 
DLF, the country’s largest builder, reported a five per cent decline in its consolidated net profit to Rs 121.55 crore for the quarter ended June. In fact, as of June 30, 2015, it had total net debt of Rs 21,598 crore across its development and rental arm.

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