Singapore’s GIC and Indian Firm to Develop Bangalore Residential Property
01. Jul, 2012
An Indian real estate developer called Brigade Enterprises teamed up with the Government of Singapore Investment Corporation (GIC) to jointly purchase a plot of land in Bangalore’s Whitefield Main Road. They purchased the property from FMCG major Hindustan Unilever Ltd for Rs 125 crore. The GIC affiliate, Reco Begonia, entered into a partnership with Brigade Enterprises to develop a high-end residential apartment project on Whitefield Main Road in Bangalore. Bridge Enterprises will control 51%, while GIC will control 49%. On top of the purchase both the developer and GIC will invest Rs 105 crore each into a SPV to develop the land.
The plot of land is 9.5 acres.
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