Bangalore-based real estate firm Brigade Enterprises is looking to raise around Rs 150 crore through private equity route by offloading a part of its stake in one of the commercial projects in the city, sources in the PE industry said.
"The company is looking at offloading part of its stake in a commercial project in the Whitefield area of Bangalore and is in talks with PE players to raise around Rs 150 crore," a PE industry source told PTI here today.
The project named Summit Brigade Metropolis, which is situated at Whitefield, has 800,000 sq ft of built-up area and spread over two towers, sources said.
Another fund house official said the asking price for the commercial space is around Rs 4,000 per sq ft by the developer.
Brigade Enterprises, which has presence in residential, commercial and retail segments, has earlier started monetising its commercial spaces in another project called Gateway in the Garden City.
The company usually earns upward of 30% by selling its commercial projects.
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When contacted, a Brigade spokesperson said, "monetisation of a commercial property is a normal course of action for the company and there is nothing new in it. However, we will not be able to comment on any specific project".
Net profit of Brigade declined 34.60% to Rs 13.08 crore in the September quarter compared to Rs 20 crore reported in the same period last year. This was despite 47.27% spike in sales to Rs 166.98 crore.