Singapore’s GIC is increasing its real estate exposure in India with the acquisition of a “significant minority stake” in Provenance Land.

The sovereign wealth fund said it is buying the stake from the developer for an undisclosed sum.

Provenance Land, known for introducing the Four Seasons brand into India, currently owns a mixed-use development on over four acres of freehold land in Worli, central Mumbai.

The development comprises Four Seasons Hotel Mumbai, the Four Seasons Private Residences Mumbai, a 64-storey, 41-unit project which is under construction, and a proposed office tower.

A Provenance Land entity will be managing the development.

Adarsh Jatia, the managing director of Provenance Land, said: “This investment marks a key milestone for Provenance Land, as it directly bears out the intent to expand quickly and strategically into new best-in-class developments and deliver on our vision.”

Jatia said GIC’s core strengths of a disciplined approach to investing long-term capital and sound governance structures will no doubt help Provenance Land create additional value for all stakeholders.

Lee Kok Sun, the chief investment officer of GIC Real Estate, said: “As a long-term global investor, we continue to have a positive outlook in India’s growth potential in the long run. This investment is a unique opportunity to acquire a stake in a high-end mixed-use development situated in a prime location in Mumbai.

”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.”

GIC’s latest investment in India follows a number of deals in the last few years. Last year, GIC and Ascendas-Singbridge acquired a 16-acre land parcel in Pune, for their investment partnership. The sovereign wealth fund also bought a one-third stake in Indian company DLF Cyber City Developers.