30 Mar '16, 6pm

DTN India: Brigade Group, Singapore's GIC acquire landmark property in Chennai:

DTN India: Brigade Group, Singapore's GIC acquire landmark property in Chennai:

CHENNAI: Bangalore-based real estate developer Brigade Group and Singapore's sovereign wealth fund GIC said on Wednesday that they have bought a 16-acre property in the commercial corridor of Perungudi from Kansai Nerolac Paints Lts for Rs 537.86 crore. The acquisition was done through Perungudi Real Estates Pvt Ltd, a special purpose vehicle formed by Brigade Enterprises Limited with GIC, Brigade Group said in a BSE filing. With the Reserve Bank of India's heightened regulations, special purpose vehicles have become a preferred route by which real estate companies raise money from private equity players - domestic and foreign. With close proximity to hospitals, schools and shopping centres, the buyers said the land will be developed into a complex with both offices and residential units, Brigade Group said. Apart from this, Brigade also has two other ventures in Bangalore...

Full article: http://timesofindia.indiatimes.com/city/chennai/Brigade-G...

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