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Brigade Enterprises and GIC, Singapore’s sovereign wealth fund, have jointly acquired Kansai Nerolac Paints’16-acre property in Chennai for ₹537.86 crore.
Brigade Enterprises, the Bengaluru-based developer informed the BSE that the purchase was through Perungudi Real Estate Pvt Ltd, a special purpose vehicle formed by it and GIC.
The company plans to develop a mixed-use project of commercial and residential space. In a separate announcement, Kansai Nerolac said the transaction was completed today with the SPV of Brigade Enterprises and Reco-Caspia, a GIC Singapore affiliate company.
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