Real Estate

Brigade, GIC Singapore acquire HUL’s property arm

Anil Urs Bengaluru | Updated on March 23, 2015

To develop an IT SEZ on the property in Bengaluru

Brigade Group has acquired Brooke Bond Real Estate Pvt Ltd, which has 11.39 hectares of land in Bengaluru, though Brigade Properties, its joint venture with GIC Singapore, for an undisclosed amount.

Brooke Bond Real Estate is a subsidiary of consumer goods company Hindustan Unilever Ltd (HUL).

Bengaluru-based Brigade Group will develop an IT special economic zone on the 11.39-hectares located in Whitefield, Bengaluru.

One of the city’s major IT hubs is located in Whitefield. Brigade Enterprises Chief Financial Officer Suresh Kris said: “We got the property at a very competitive price.” He, however, refused to divulge financial details of the deal.

Both Brigade and GIC have a strong association through its first joint venture project, Brigade Cosmopolis, a high-end residential project at Whitefield.

In 2014, Brigade Group and GIC also announced a memorandum of understanding to jointly invest up to ₹1,500 crore in developments in various cities of South India.

MR Jaishankar, Chairman and Managing Director, Brigade Group, said: “Brigade is happy to extend its association with GIC, an investment organisation with strong values and vision that are in sync with ours.

“The SEZ project at Brookefields will further strengthen our partnership. We are also excited about the opportunity to develop another landmark project in Bangalore on this strategically located site.”

Published on March 23, 2015

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