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GIC-Brigade JV buys site in Bangalore to develop it into IT special economic zone
SINGAPORE sovereign wealth fund GIC's joint venture with Indian property developer Brigade Group has acquired a landmark site in Brookefields, Whitefield in Bangalore and plans to develop it into an IT special economic zone of more than three million square feet.
The joint venture, Brigade Properties Pvt Ltd, has acquired 100 per cent of Brooke Bond Real Estate Pvt Ltd - which owns the Whitefield property - from Hindustan Unilever Ltd.
The transaction has received the nod of the SEZ Board of Approvals, GIC and Brigade Group said in a joint release on Monday.
No details were released on the cost of the site or the total development cost.
Enjoying a large frontage on the ITPL Main Road, the site provides natural connectivity to the two major IT hubs of Bangalore - Whitefield on one side and Outer Ring Road on the other.
This is the second project by Brigade Properties, which was set up in June 2012. The first project was Brigade Cosmopolis, a high-end residential project with amenities coming up in the heart of Whitefield.
When completed, it will be home to more than 880 families. The development is under construction and witnessing "robust sales", according to the release.
Last year, Brigade Group and GIC also announced a memorandum of understanding to jointly invest up to 15 billion rupees (S$330 million) in developments in various south Indian cities.