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Brigade Group and the Government of Singapore Investment Corporation have floated a special purpose vehicle to develop a residential project in Bangalore.
A release from Brigade Group said the company and Reco Begonia, an affiliate of the Singaporean sovereign wealth fund, have entered into a 51:49 private equity partnership through the special purpose vehicle to develop a residential project on Whitefield Main Road in Bangalore.
Brigade Group said it would invest over Rs 100 crore in the special purpose vehicle. “The Group is happy to partner with GIC Singapore, a leading global investment organisation with strong values and vision that are in sync with Brigade’s. We see this as a beginning of a mutually beneficial association,” said Mr M.R. Jaishankar, Chairman and Managing Director, Brigade Group.
The company said the 9.5-acre property was acquired from Hindustan Unilever Ltd through a bidding process. The project is expected to generate revenues of Rs 700 crore over the next 3-4 years.
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