Singapore’s GIC and Indian Firm to Develop Bangalore Residential Property
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.