12,352.35-3.15
Stock Analysis, IPO, Mutual Funds, Bonds & More

Keppel-Puravankara Development acquires Metro Cash & Carry India's land for Rs 405 crore in Bengaluru

KPDL is an associate of Bangalore headquartered and Singapore based Keppel Land, one of Asia’s premier property companies.

ET Bureau|
Oct 01, 2018, 12.43 PM IST
0Comments
Agencies
land-bengaluru-agencies
The acquisition is in line with Puravankara’s overall commercial strategy, for the development of the mixed-use project to expand Puravankara’s commercial presence over the next five year.
In one of the largest commercial land deal in Bangalore, Keppel Puravankara Development Private Limited (KPDL) has acquired a 7.6 acres land in Yeshwantpur from Metro Cash & Carry India, for RS 405 crore.

KPDL is an associate of Bangalore headquartered and Singapore based Keppel Land, one of Asia’s premier property companies.

Ashish R. Puravankara, Managing Director, Puravankara said, “Over the last couple of years, there has been a conscious effort to diversify Puravankara’s existing commercial portfolio. The timing of the project could not be better, seeing as the demand for office and retail space, is on an upward trajectory and yielding good returns, especially in Bangalore.

The Grade A office development will be managed by KPDL upon completion.

The deal includes the cost of around Rs 80 crores for KDPL to construct a 160,000 sf. ft. retail-cum-office facility on the land, which will be handed over to Metro Cash & Carry India.

“We believe this acquisition will further augment Keppel Land’s commercial portfolio and will position us well to meet the urbanisation needs for prime office space in Bangalore,” said Sam Moon Thong, President (Regional Investments), Keppel Land.

The acquisition is in line with Puravankara’s overall commercial strategy, for the development of the mixed-use project to expand Puravankara’s commercial presence over the next five year.

CBRE South Asia was the advisor to the transaction.

Commercial real estate is seeing increasing demand from companies across sectors. According to CBRE South Asia, the first half of 2018 saw an addition of about 1.9 million sq. ft. of fresh retail supply across the seven key cities, led by Chennai, Hyderabad and the National Capital Region (NCR).

Separately, Puravankara plans to launch 14.11 million sq ft of projects across both luxury and affordable brands over the next 12 months. Puravanakara’s net debt was Rs 2,438 crore at the end of the June quarter.

Also Read

MetroMedi in talks to raise $15 million

Metro Cash & Carry seeks level playing field

Metro launches free WiFi services on Airport Express Line

Metro AG India sales rise 10% to Rs 6,755 crore

Chennai Metro Rail commissions two rooftop solar power plants in city

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service