Brigade Properties to acquire land worth Rs 550 crore in Chennai

Land parcel located at IT corridor in Chennai

The board of Brigade Properties has approved acquisition of Kansai Nerolac Paints’ land near Chennai for a consideration of Rs 550 crore. “The board of directors of Brigade Properties has approved on June 29, 2015, the acquisition of the property measuring 15 acres 86 cents situated at Perungudi on OMR, Chennai, from Kansai Nerolac Paints, for a consideration of Rs 550 crore subject to legal due diligence,” Brigade Enterprises said in a BSE filing.

The acquisition of the property would be done either directly by Brigade Properties or through its nominee or through a special purpose vehicle, wherein, Brigade Enterprises or its nominees and GIC Singapore through one of its affiliates would be the shareholders, it added.

Brigade Properties in March said it had entered into an agreement with FMCG major Hindustan Unilever Ltd (HUL) to fully acquire its wholly-owned arm Brooke Bond Real Estates.

According to reports, HUL had sought approval from the government to exit from Brooke Bond Real Estates, a sector-specific SEZ for IT/ITeS/BPO/electronics hardware at Kundalhalli in Karnataka.

Brigade Properties is a 51:49 joint venture between Bengaluru-based realtor Brigade Enterprises and GIC of Singapore.