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Brigade Enterprises through its subsidiary Brigade Properties Pvt Ltd has bought Kansai Nerolac Paints’ Chennai property for ₹550 crore.
The property is located at Perungudi on OMR, Chennai, and the transaction is subject to legal due diligence. Brigade Properties entered into a term sheet on Monday with Kansai Nerloac Paints relating to acquire 15 acres 86 cents from the company.
“The Chennai land deal is part of the Brigade’s frame work of agreement with Singapore's sovereign wealth fund GIC to jointly invest ₹1,500 crore in residential developments in the cities of Bengaluru, Chennai and Hyderabad,” Suresh Kris, CFO Brigade group, told BusinessLine .
“Due to the company’s silent period, we are unable to disclose any more information. But so far, the company along with GIC has invested ₹750 crore – Brigade Cosmospolis ₹200 crore and now for Chennai property ₹550 crore,” he added.
The acquisition of property in Chennai would be done either directly by Brigade Properties or through its nominee or through a special purpose vehicle wherein Brigade Enterprises or its nominees and GIC Singapore through one of its affiliates would be the shareholders.
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