Singaporean sovereign wealth fund GIC is in exclusive talks to buy a 40 per cent stake in a commercial rental unit of India’s biggest listed property developer by sales, in what would be the latest big foreign bet on the country’s real estate market. DLF, a 71-year-old company focused on developments in northern India, said GIC was now the only bidder in contention for the acquisition of a minority stake in DLF Cyber City Developers. The unit, which will remain 60 per cent owned by DLF, earns rental income from office and shopping developments chiefly in the New Delhi satellite city of Gurgaon.
DLF expects the final deal value to be at least Rs120bn ($1.8bn), according to a person with direct knowledge of the negotiations.
Read more: Financial Times