The Bangalore headquartered realty firm Brigade Enterprises has bought a 12.95-acre land parcel in north Bengaluru’s Yeshwantpur area for Rs2.18 billion from SAB Miller India
Last year, Brigade had bought 50 acres in north Bengaluru from the Karnataka Industrial Area Development Board.
The latest acquisition has been made through Brigade’s subsidiary Brigade Infrastructure and Power Pvt. Ltd.
It plans to build an information technology park. The acquisition is funded from the company’s internal accruals and is in line with the company’s plans to expand its commercial office portfolio.
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 Rs5.50 billion in one of the largest land deals in the city.
M.R. Jaishankar is the founder, Chairman and Managing Director of the Brigade group.