GIC and K Raheja Corp Acquire 3-acre Land from Siemens for approximately US$94 million

India/Singapore, 26 September 2017 – Affiliates of GIC, Singapore’s sovereign wealth fund, and K Raheja Corp Group (“KRC”), one of India’s leading real estate developers, have entered into a 50-50 joint venture (“JV”) shareholding to acquire a 3-acre land parcel from Siemens at the prime location of Worli, off Dr Annie Besant Road, Ltd, for approximately US$94 million (INR6.1 billion). Worli, with excellent connectivity, has always been a sought-after office location. The JV plans to develop a landmark office development in the city of Mumbai. A KRC entity will provide support services for development and management of the asset.