Brigade set to raise Rs 600 cr for hospitality, residential projects

Anil Urs Bangalore | Updated on September 09, 2011

Brigade Enterprises, a Bangalore-based real estate developer, is planning to raise Rs 600 crore through the private equity (PE) route for hospitality and residential projects.

The listed entity plans to raise Rs 300 crore each for hospitality and affordable homes (residential) projects. “We are in discussion with a few private equity players to raise money for four hospitality projects spread across cities of Chennai, Mysore and Kerala,” Mr M. R. Jaishankar, Chairman and Managing Director, Brigade Group, told Business Line.

“Another Rs 300 crore is being raised for the 120-acre integrated residential project in Devanahalli to be developed near the international airport in Bangalore,” he added. The company is building a hotel for Holiday Inn in Chennai and two hotels in Mysore — one on Sayyajirao Road — and the other on KRS Road, and a holiday resort in Vaikom near Kochi in Kerala. “The land is in our possession for all the projects now, and we need capital to execute the projects in the next 16-20 months,” explained Mr Jaishankar.

As for the integrated residential project in Devanahalli, the company has gone in for joint venture with the Bangalore-based Classic Wallmark Group . The integrated project will have 2,500 units with a mix of villas, high income, affordable homes, school and a recreational club.

Brigade Enterprises has prepared a plan to execute two projects having 7 million sq ft of development under affordable homes category in the next three years.

Published on September 09, 2011

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