Singapore's GIC forms JV with Vatika Group for two residential projects

GIC, Singapore's sovereign wealth fund, formed a joint venture with property developer Vatika Group for two residential projects near New Delhi, the two firms said in a statement on Monday.

"The projects in Gurgaon, to be developed by Vatika Group, are expected to be completed by financial year 2018-19 and are forecast to generate revenue in excess of 20 billion rupees ($319 million)", they said.

Other details of the joint venture were not disclosed.

GIC has been on a property-buying spree.

Its recent investments include an office building in Rio de Janeiro, an office tower in Tokyo, shopping centre in Rome and logistic properties in the United States.

(Reuters)