Shriram Properties Ltd (SPL) has acquired a delayed project, Golden Ira in Bengaluru, a plotted development project of the Golden Gates Group. The Bengaluru-based real estate company also invested Rs 125 crores towards the acquisition and development of the project.
Additionally, this will be the first investment under the recently launched co-investment platform set up jointly between SPL and the ASK Property Fund.
Under the platform, partners have committed to co-investing up to Rs 500 crore, and plan to co-invest in plotted and residential developments projects in Bengaluru, Chennai, and Hyderabad.
SPL acquired the Project from IIFL Group entities through SPL Housing Projects Private Limited, a wholly-owned subsidiary of the company and is planning to launch the Project under the name Shriram Pristine Estates.
The newly-acquired project is located at Dodballapur in North Bengaluru sprawling 10 lakh square feet. Additionally, the company said, the Project has the necessary approvals in place and also partially completed infrastructure development.
M Murali, Chairman and Managing Director (CMD), Shriram Properties said, "This is yet another successful acquisition of a stressed asset by us in recent months. This addition will strengthen our launch pipeline for FY23, and we will focus on unlocking value through accelerated execution and timely delivery."
Previously, secures two delayed projects in Bengaluru to develop 0.65 million square feet (msf) with potential revenue of Rs 400 crore.
In another independent transaction, Shriram Properties acquired another delayed project, under the brand name of Shriram Suvilas Garden through a joint development agreement. The project comprises 152 units with an aggregate saleable area of about 0.2 msf.
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