Aditya Birla Real Estate’s wholly owned subsidiary--Birla Estates (BEPL) has entered a joint venture with Mitsubishi Estate Company (MEC), a reputed global investor, for a Rs 560 crore investment in a residential housing development in Southeast Bengaluru through a special purpose vehicle (SPV).
Under the partnership, BEPL and MJR Investment (MIPL), an affiliate of MEC will share 51:49 economic interest respectively in the SPV. The SPV will lead the development of the premium residential project, which spans 4 million square feet of built-up area, strategically located in Bengaluru's thriving Southeast locality.
Aditya Birla Real Estate (formerly Century Textiles and Industries) is principally engaged in manufacturing of Textiles, Cement, Pulp and Paper and Real estate.
