Singapore’s GIC is going to purchase Tech Park in Bengaluru for Rs. 2,500 crore.

Singapore’s GIC sovereign wealth fund is the front runner in acquiring Mapletree Investment’s Global Tech Park in Bengaluru for nearly Rs 2,500 crore, in the commercial real estate area of India, with the largest output of private equity (PE).

“GIC is now shortlisted and the documentation is in the process while it has not yet been funded.” According to the sources, there was an interest in this property by other global funds, including Blackstone. Global Tech Park is an integrated mixed-use project on Marathahalli Outer Ring Road with a development area of 15 acres or 2.5 million sqft. Vodafone and LinkedIn are the big companies working from the site.

In the property earlier known as Assetz Global Technology Park in 2011, the wholly-owned subsidiary Mapletree, headquartered in Singapore, purchased a 100% stake in Temasek Holdings for Rs 800 crore.

Since 2007, at least a dozen real estate operations have been stuck by GIC in purchasing assets across the residential, corporate, and retail sectors in the country. The sovereign wealth fund invested $1.4 billion and 33% of its investment in DLF’s rental arm and established one of the biggest commercial platforms on the Indian real estate market. It also has access to Godrej Properties, Brigade Group and Prestige Estates.

“GIC has been vigorously seeking to increase commercial space investment and Bangalore is one of the key markets,” said sources.