Godrej Property-GIC real estate deal off

Talks between Godrej Properties and GIC Real Estate, part of Singapore government’s sovereign fund GIC, to invest over $100 million into the developer’s Bandra-Kurla Complex project have fallen through, sources said.

Godrej Properties planned to raise this amount for its arm, which proposes to develop the 2.5-acre BKC land parcel for which it has signed a joint development agreement with Jet Airways. A Godrej Properties spokesperson declined to comment, while an email sent to GIC remained unanswered.

Godrej’s move to sell a stake in this SPV was aimed at easing its debt-equity ratio. Apart from direct equity dilution in this SPV, both GIC and Godrej were also considering another option of forward sale of the entire commercial project.