Brigade Group ventures with GIC to construct a project in Bangalore
Brigade Group, one of the Bangalore-based top realty players, on Wednesday, announced that it is planning to venture with Government of Singapore Investment Corporation (GIC) to develop a residential project in Bangalore.
Both the parties, Brigade and GIC, have entered into a 51:49 private equity partnership through a special purpose vehicle (SPV) for the development of a residential project on 9.5 acres of land in Whitefield Road, Bangalore.
The real estate company will invest over Rs 100 crore in the residential project which is expected to generate revenues of Rs 750 crore over the next 3-4 years.
The land for this project was acquired through a bidding process from Hindustan Unilever. The project will have over 1 million square feet of space, which will be targeted at the higher income group segment.
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Source: IBN Live
Bangalore, Brigade Group, Government of Singapore Investment Corporation, Hindustan Unilever, Realty players, Residential Project
