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Brigade Group Signs PE-deal with GIC to develop residential project on Whitefiled Main Road

Posted On: 2012-07-03 07:03:51

Brigade Group and Government of Singapore Investment Corporation Pte Ltd (GIC), through its affiliate, Reco Begonia, have entered into a 51:49 Private Equity partnership through a Special Purpose Vehicle for the development of a residential project on Whitefield Main Road, Bangalore. The company would be developing the project and will be making an investment of over Rs.100 crores in the SPV with GIC as partner.

The 9.5 acre property was acquired from Hindustan Unilever Limited through a bidding process. With over 1 million sq.ft, the development will be targeted at the high income group segment. The property is located in a well developed area with access to readily available social infrastructure such as schools, malls and is also strategically located in the heart of the IT hub. THis for-sale residential project is expected to generate revenues of Rs.700 crore over the next 3 to 4 years.

The Brigade Enterprises Ltd stock closed the day at Rs.56.25, up by Rs.0.20 or 0.36%. The stock hit an intraday high of Rs.57.40 and low of Rs.55.20.

The total traded quantity was 0.27 lakhs compared to 2 week average of 0.70 lakhs.

Source: Equity Bulls

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