Keppel Puravankara Development Private Limited (KPDL), a joint venture between Puravankara Limited and Singapore-based Keppel Land, has entered into an agreement to acquire a prime 7.635 acres site in Yeshwantpur, Bengaluru, from Metro Cash & Carry India Private Limited (MCCIN).

The total consideration is approximately Rs 405 crore that includes the cost of approximately Rs 80 crore for KDPL to construct a 160,000 sf. ft. retail-cum-office facility on the land, which will be handed over to MCCIN. The Grade A office development will be managed by KPDL upon completion.

Strategically located

The land is strategically located in the established prime commercial hub of Yeshwantpur and the site is approximately 5 km northwest of Bangalore’s city centre.

Ashish R. Puravankara, Managing Director, Puravankara Limited said, “Over the last couple of years, there has been a conscious effort to diversify Puravankara’s existing commercial portfolio. This commercial project, for the development of the mixed-use project is in line with our strategic plan to expand Puravankara’s commercial presence over the next five years. The timing of the project could not be better, seeing as the demand for office and retail space, is on an upward trajectory and yielding good returns, especially in Bangalore. We believe that this upcoming project, with its prime location, will become a landmark in Yeshwantpur. We are very confident of the runaway success of this venture”.

Sam Moon Thong, President (Regional Investments), Keppel Land, said, “India is one of the fastest-growing major economies in the world, while Bangalore, as one of the primary hubs for the technology industry, is among the largest and fastest-growing office markets in the country. Bangalore has recorded the highest office space absorption in the Asia-Pacific region in the past five years.”

“We are pleased to further our collaboration with Puravankara who has a strong network and keen understanding of the local market. We believe this acquisition will further augment Keppel Land’s commercial portfolio and will position us well to meet the urbanisation needs for prime office space in Bengaluru."

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