The investment will be in an entity that owns the property on which the hotel operates, another under-construction Four Seasons branded apartment complex next to it and an planned office building.
All three properties are in a four acre plot in Worli, one of India’s costliest and premium real estate markets.
“The development [in which the investment is being made] comprises the dominant Four Seasons Hotel Mumbai, a 5-star 34-storey, 202-room luxury hotel; the Four Seasons Private Residences Mumbai, a 64-storey, 41-unit high-end project which is under construction, and a proposed office tower. A wholly-owned Provenance Land entity will be managing the development,” the Mumbai-based realtor said.
The quantum of investment nor the size of the equity stake were disclosed. However, Lee Kok Sun, Chief Investment Officer of GIC Real Estate, described the project as a ‘joint venture’.
“This investment is a unique opportunity to acquire a stake in a high-end mixed-use development situated in a prime location in Mumbai,” he said.
“We believe this well-located, high-quality project will generate resilient returns in the long run and look forward to partnering with Provenance Land on this joint venture,” he said.
Lee also said GIC continued to believe in “India’s growth potential in the long run.”
“In addition to the exclusive Four Seasons properties, the proposed office development is an attractive proposition, given continued demand for quality office space and expected long-term rental growth in Mumbai,” he said.
When finished, the project will combine a luxury hotel, branded Four Seasons residences and a Class A office building on par with global standards, said Adarsh Jatia, Managing Director of Provenance Land.
“GIC’s investment brings us their international expertise in these asset classes,” he said.