Brigade Enterprises To Launch 25 Mega Projects, Realty firm eyes Rs 150 cr PE fund
Bangalore-based Brigade Enterprises is all set to launch about 25 new projects this year developing a total area of 20-25 million square feet. The new projects will be about 70 per cent residential, while remaining 30 per cent will be a mix of commercial office space, retail and hospitality. About 20 projects will come up in Karnataka including Bangalore and Mysore, while remaining five will be launched in Chennai, Hyderabad and Cochin. The overall cost of these 25 projects will be upwards of Rs 5,000 crore to be spread over five years’ time. Speaking to Realty Plus about the company’s growth plans, Mr M R Jaishankar, CMD, Brigade Enterprises, says, “Currently, we have 30 million sq ft of new projects in handout of which five million sq ft has already been launched in the last three months. We hope to launch the remaining 20-25 million sq ft this year which will comprise about 25 new projects. These will be launched at regular intervals over the years.” “The project’s overall investment will be upwards of Rs 5,000 crore which will be spread over a period of five years. The funds will be generated through institutional funding, customer advances, internal accruals and from monetisation of commercial buildings that we have. Also when the stock markets look better, we will look at the primary and secondary market but not as of now,” he adds. Most of the Groups under construction projects are now complete and all the financial commitments for their existing projects have also been met.
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 said.
0 comments:
Post a Comment