Singapore's sovereign wealth fund GIC is acquiring 63.9% stake in the Mumbai-based realty firm Nirlon for Rs 1,280 crore. In December, GIC had announced that its affiliate Reco Berry signed a definitive agreement to acquire stake in Nirlon. The acquisition of 28.4 per cent stake under the open offer has been completed and the Reco Berry is in the process of acquiring the 35.5 per cent stake under the agreements.
Nirlon, which is listed on the BSE, owns Nirlon Knowledge Park, a high quality office park located in Mumbai. The park comprises seven blocks and is spread across 2.2 million sq ft.