28-06-12
|
#1
|
|
Senior Member
|
Brigade,GIC to develop HUL property in Whitefield
Quote:
Brigade Group and Government of Singapore Investment Corporation (GIC),through its affiliate Reco Begonia,have entered into a 51:49 joint venture through a special purpose vehicle (SPV) for the development of a residential project on Whitefield Main Road.The project would see an investment of Rs 100 crore.
The 9.5-acre property was acquired from Hindustan Unilever for Rs 130 crore through a bidding process.The project will be targeted at the high-income group.M R Jaishankar,CMD of Brigade Group,said the project was expected to generate revenues of Rs 700 crore over the next three to four years.
As part of its strategy to unlock business value from real estate assets,Hindustan Unilever had put its prime land parcel in Whitefield on the block.Global real estate consultancy firm Cushman & Wakefield had won the mandate to conduct the bid,which saw more than 40 companies evince interest in the property.Cushman & Wakefield declined to comment on the bidding details.
|
http://lite.epaper.timesofindia.com/...=&publabel=TOI
|
|
|
|
Similar Threads
