Bengaluru: Bengaluru-based property developer Brigade Group has announced the acquisition of Brooke Bond Real Estate Pvt Ltd (BBREPL) through the Brigade Properties (BPPL) its joint venture with GIC Singapore. Brigade Group will develop an IT Special Economic Zone (ITSEZ) of over 3 million sq ft at this location, which is a landmark in Whitefield area of Bengaluru.
The asset is located in Whitefield, one of Bengaluru's two major IT hubs.
The group has acquired 100 per cent stake from Hindustan Unilever Ltd (HUL), after obtaining approvals from the SEZ Board of Approvals, the company said in a statement. However, it did not disclose the financial value of the deal.
“The SEZ project at Brookefields will further strengthen our partnership. We are excited about the opportunity to develop another landmark project in Bengaluru,” M R Jaishankar, CMD, Brigade Group said.
Brigade Group has been associated with GIC Singapore, which is among the world's largest fund management companies and investment organisations. In 2014, Brigade Group and GIC announced a memorandum of understanding to jointly invest up to Rs 1,500 crore in India.
The group has completed over 150 buildings in residential, commercial and hospitality sectors totaling to 25 million sq ft.