23 March 2015
Bangalore & Singapore, 23 March, 2015: One of India’s leading real estate developers, Brigade Group today announced the acquisition of Brooke Bond Real Estate Pvt Ltd (BBREPL), through Brigade Properties Pvt Ltd (BPPL), its joint venture with GIC Singapore. Brigade Group will develop an IT Special Economic Zone (SEZ) of over 3 million sq. ft. in the landmark location of Brookefields, Whitefield, Bangalore.
The Asset is located in Whitefield, one of Bangalore’s two major IT hubs. Enjoying a large frontage on the ITPL Main Road, the site provides natural connectivity to the two IT hubs – Whitefield on one side and Outer Ring Road on the other.
The Group has acquired 100% stake from Hindustan Unilever Ltd (HUL), after obtaining approval from the SEZ Board of Approvals.
Mr M.R. Jaishankar, Chairman and Managing Director, Brigade Group, commented, “Brigade Group is happy to extend its association with GIC, a leading global investment organization with strong values and vision that are in sync with ours. The SEZ project at Brookefields will further strengthen our partnership. We are also excited about the opportunity to develop another landmark project in Bangalore on this strategically located site.”
Mr. Loh Wai Keong, Co-Head Asia, GIC Real Estate, added, “GIC is confident of India’s growth potential over the long term. Brigade Group is one of the leading developers in South India and we are pleased to extend this partnership to this landmark project. This is in line with our philosophy of nurturing and growing long-term partnerships with developers across the globe successfully.”
Brigade’s association with GIC
Brigade Group already has a strong association with GIC Singapore, which is among the world’s largest fund management companies and a leading global investment organization, through its first joint venture project – Brigade Cosmopolis. Brigade Cosmopolis is a well-conceived, high-end residential project with several amenities coming up at the heart of Whitefield, Bangalore, and when completed, will be home to over 880 families. It is under construction and witnessing robust sales.
In 2014, Brigade Group and GIC also announced a Memorandum of Understanding to jointly invest up to Rs. 1,500 crores in developments in various cities of South India.