Brigade Group and Singapore’s sovereign wealth fund GIC have entered a partnership to jointly invest Rs.1,500 crore in residential projects in select cities of South India.
In a joint statement, the two companies said that the joint venture would look to acquire land for residential and mixed use developments in cities where the secular demand for high quality residential units was high.
“Our first joint venture project, Brigade Cosmopolis, is a well conceived residential community with several amenities coming up at Whitefield in Bangalore that will be home to over 880 families. This JV will provide us a platform to acquire and execute a series of similar projects in South India,” M. R. Jaishankar, Chairman and Managing Director, Brigade Group, said in a statement.
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“As a long term investor, GIC is a believer in India's growth potential. We seek partners who share our philosophy and values and have a reputable track record in the markets in which they operate,” Lee Kok Sun, Managing Director and co-head, Asia, GIC Real Estate, said.