In one of the biggest real estate deals in Bengaluru, Brigade Group on Monday announced the acquisition of 26 acres in Whitefield belonging to Brooke Bond Real Estate Pvt. Ltd. to develop an IT Special Economic Zone.
Brooke Bond Real Estate is a subsidiary of consumer goods company Hindustan Unilever Ltd. (HUL).
While the company did not disclose details about the transaction, real estate watchers say the average land value is around Rs. 3,500 per sq ft, converting the transaction between Rs. 390 crore to Rs. 400 crore.
The property is located in a prime location with connectivity to two IT hubs Whitefield and Outer Ring Road, sources said.
The acquisition has been made through Brigade Properties Pvt. Ltd., its joint venture with GIC Singapore.
According to a release, the acquisition is part of the strategy announced by Brigade Group and GIC in 2014 to invest up to Rs. 1,500 crores in developments in various cities of South India.
