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Brigade Enterprises purchases Bengaluru land from SAB Miller for Rs218 crore
Realty company Brigade Enterprises bought 12.95-acre land parcel from SAB Miller India in north Bengaluru’s Yeshwantpur area for about Rs218 crore.
Brigade purchased up to 50 acres from Karnataka Industrial Area Development Board in north Bengaluru. The Bengaluru-based developer is on the verge of building a large housing project on that land.
The given acquisition has been carried out via Brigade’s subsidiary Brigade Infrastructure and Power Pvt. Ltd.
Additionally, Brigade has a joint venture with GIC Pte Ltd, a sovereign wealth fund. Under the entity Brigade Properties Ltd, both companies jointly identify and purchase land. In 2015, the last transaction took place, when they purchased a 15.8-acre land from Kansai Nerolac Paints Ltd in Chennai for Rs550 crore. It turned to be one of the most crucial deals in the city.
During the period January-September 2017 up to 21 land deals have been closed, across eight cities, including New Delhi-National Capital Region, Mumbai, Pune, Bengaluru and Hyderabad.
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Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.