GIC frontrunner in acquisition of 40% stake in India office space landlord Prestige for US$200 mil: report

SINGAPORE (Feb 19): GIC has emerged as the frontrunner to acquire a slightly over 40% stake in the tenanted office space unit of leading southern developer Prestige Estates Projects for a consideration of US$200 million ($262 million), according to a Monday report by The Times of India.

Prestige currently has an overall rental portfolio of about 9 million sf, of which 5 million sf consists of office space, which includes tenants such as JP Morgan, Cisco, Microsoft and Mylan.

The Canada Pension Plan Investment Board (CPPIB) was also in contention to buy into the business unit of Prestige.

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