Brigade Group and Government of Singapore Investment Corporation (GIC), through its affiliate, Reco Begonia, have entered into a 51:49 private equity partnership through a special purpose vehicle (SPV) for the development of a residential project on Whitefield Main Road in Bangalore. The company would be developing the project and will be making an investment of over Rs 100 crore in the SPV with GIC as partner.
The 9.5 acre property was acquired from Hindustan Unilever through a bidding process. With over one million square feet, 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.
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.