Shriram Properties Ltd on Wednesday announced the complete acquisition of Golden Ira, a plotted development project of the Golden Gates Group that was a stressed asset with lending entities part of the IIFL Group.

According to the company, the transaction involves capital commitments of up to ₹125 crore for the acquisition and development of the project. “Golden Ira is a plotted development project in Dodballapur, North Bengaluru, with an aggregate saleable area of approximately 10 lakh sq ft. The project has the necessary approvals in place already and has also partially completed infrastructure development,” the company said.

SPL said it acquired the project from IIFL Group entities through SPL Housing Projects Private Limited, a wholly-owned subsidiary of the company and plans to launch the project soon under the name Shriram Pristine Estates.

Murali M, CMD, Shriram Properties,said, “This is yet another successful acquisition of a stressed asset by us in recent months. This addition will strengthen our launch pipeline for FY23 and we will focus on unlocking value through accelerated execution and timely delivery. We remain excited by the significant opportunities and are well positioned to benefit from the consolidating industry environment.”

Additionally, Shriram Pristine Estates will be the first investment under the recently concluded co-investment platform setup jointly between SPL and the ASK Property Fund. Under the platform, partners have committed to co-invest up to ₹500 crore in plotted and residential developments projects in Bengaluru, Chennai and Hyderabad, said the company.