Sovereign wealth fund GIC is scooping up a significant minority stake in Indian developer Provenance Land, which owns a mixed-use development in central Mumbai, the company said yesterday.

The development sits on more than 1.6ha of prime freehold land. It comprises the 202-room luxury Four Seasons Hotel Mumbai; the 41-unit Four Seasons Private Residences Mumbai which is under construction, and a proposed Class A office tower. A wholly-owned unit of Provenance Land will manage the development.

Provenance Land was the first to bring an international hotel operator to India in 1980 with the Hyatt brand. It has delivered a portfolio of five greenfield hospitality projects across the country, and has since moved into mixed-used developments. The real estate company is investing US$250 million (S$341 million) to develop the land in Worli, Mumbai.

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

"GIC's investment brings us their international expertise in these asset classes. Their core strengths of a disciplined approach to investing long-term capital and sound governance structures will help us create additional value for all stakeholders."

Mr Lee Kok Sun, 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."