Brigade Enterprises, which has presence in residential, commercial and retail segments is planning to mop up about Rs 150 crore through private equity (PE) route by offloading a part of its stake in a commercial project in the Whitefield area of Bangalore. The project named Summit Brigade Metropolis, which is situated at Whitefield, has 800,000 sq ft of built-up area and spread over two towers.
Earlier, the company started monetizing its commercial spaces in another project called Gateway in the Garden City. The company usually earns upward of 30% by selling its commercial projects.
Brigade Enterprises is a flagship company of Brigade Group, which is one of South India's leading property developers. The company has completed 67 residential, commercial, retail and hospitality projects, covering over 6.74 million square feet of developable area. The company reported a fall of 34.60% in its net profit to Rs 13.08 crore in the September quarter compared to Rs 20 crore reported in the same period last year. This was despite 47.27% spike in sales to Rs 166.98 crore.