Brigade Enterprises buys Bengaluru land for Rs218 crore from SAB Miller

By | January 2, 2018

Realty firm Brigade Enterprises Ltd has bought a 12.95-acre land parcel in north Bengaluru’s Yeshwantpur area for Rs218 crore from SAB Miller India Pvt. Ltd, said a top company executive.

The acquisition has been made through Brigade’s subsidiary Brigade Infrastructure and Power Pvt. Ltd.

“We plan to build an IT (information technology) park. The acquisition has been funded from the company’s internal accruals and is in line with Brigade’s plans to expand its commercial office portfolio,” said Brigade chief financial officer K.P. Pradeep.

Last year, Brigade bought 50 acres in north Bengaluru from Karnataka Industrial Area Development Board (KIADB). The Bengaluru-based developer plans to build a large affordable housing project on the land.

Brigade also has a joint venture with sovereign wealth fund GIC Pte Ltd, and under the entity Brigade Properties Ltd, they jointly identify and buy land. The last transaction was inked in 2015, when they bought a 15.8-acre land in Chennai from Kansai Nerolac Paints Ltd for Rs550 crore in one of the largest land deals in the city.

In 2016, Anheuser-Busch InBev NV took over SABMiller Plc. in a $103 billion deal uniting the world’s two biggest beer makers.

As per data compiled by property advisory Cushman & Wakefield, 21 land deals have been closed between January and September 2017, across eight cities, including Mumbai, New Delhi-National Capital Region (NCR), Bengaluru, Hyderabad and Pune. The number of land transactions signed in 2016 in these cities was 23.

Source: Livemint

Please Login to Comment.