1 September 2014 – Brigade Group and GIC, Singapore’s sovereign wealth fund, through its affiliate company, have entered into a Memorandum of Understanding to jointly invest up to Rs. 1,500 crores in residential developments in various cities of South India. The JV aims to acquire land for residential and mixed-use developments in cities primarily where the secular demand for high quality residential units is high.
According to M R Jaishankar, CMD, Brigade Group, “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. Our first joint venture project – Brigade Cosmopolis is a well-conceived, residential community with several amenities coming up at Whitefield, Bangalore that will be home to over 880 families. It is already under construction and witnessing robust sales. This JV will provide a platform for us to acquire and execute a series of similar projects in South India and further strengthen our partnership”.
Lee Kok Sun, Managing Director and Co-Head, Asia, GIC Real Estate commented, “As a long-term value investor, GIC is a believer in India’s growth potential. We seek partners who share our philosophy and values and have a reputable track record in the markets in which they operate. We are therefore pleased with the opportunity to partner Brigade, one of the leading developers in South India, in this joint venture”.