Shriram Properties settles Hypo debt
No Comments Sub Category:Mumbai,Residential Real Estate Posted On: Oct 16, 2012
Shriram Properties, the Bangalore-based realty arm of Shriram Group, is reportedly close to settle a Rs 600 crore debt raised from Germany-based Hypo Real Estate Group during late 2007.
Shriram Properties will settle the debt through sale of its IT SEZ in Chennai for Rs 500 crore to Singapore-based Ascendas.
Hypo Real Estate Holding AG is a holding company based in Munich, Germany which comprises a number of real estate financing banks. Hypo Real Estate has had exposure to Coffee Day Group’s SEZ development arm Tanglin Realty, too and the latter owes around Rs 380 crore to it.
Tags:
Ascendas, Bangalore, Chennai, Coffee Day Group, IT SEZ, Real estate deals, Shriram Properties, Tanglin Realty
