Bangalore & Singapore, 30th March, 2016: Brigade Group, one of India’s leading real estate developers, and GIC, Singapore’s sovereign wealth fund, today announced the joint acquisition of an approximately 16 acre property in Perungudi, the prime commercial corridor of Chennai, from Kansai Nerolac Paints Limited for a sale consideration of Rs. 537.86 crores.
The acquisition was done through Perungudi Real Estates Pvt. Ltd, a special purpose vehicle formed by Brigade Enterprises Limited with GIC.
Easily accessible with close proximity to amenities such as hospitals, schools and shopping centers, the land will be developed into a mixed-use project comprising offices and residential units.
Mr M.R. Jaishankar, Chairman and Managing Director, Brigade Enterprises Limited, commented, “Brigade Group is happy to further strengthen its association with GIC, Singapore, one of the world’s largest sovereign wealth funds whose strong values and vision are in sync with ours. The proposed mixed-use project will be a landmark project which will change the skyline of Chennai. ”
Mr Loh Wai Keong, Managing Director and Co-Head Asia, GIC Real Estate, said, “As a long-term value investor, we like the strong fundamentals of the Chennai market given its fast-growing economy and healthy demand in the IT/ITES sector. We look forward to enhancing our partnership with the Brigade Group through this project, and to leverage our mutual strengths and joint experience in India to create maximum value in this investment.”
Brigade’s two existing joint venture projects with GIC are the development of an IT Special Economic Zone of over 3 million sq. ft. in Brookefields, Bangalore and Brigade Cosmopolis, a high-end residential project with several amenities in Whitefield, Bangalore.