Brigade Enterprises on Monday announced a joint venture with GIC, Singapore's sovereign wealth fund, to invest in residential property. According to the memorandum of understanding, the Bangalore-based realty major and GIC, through its affiliate company, will jointly invest up to Rs 1,500 crore in residential and mixed-use development in select cities of south India.
The JV aims to acquire land where there is secular demand for high-quality residential units, the companies said in a release. The first project, Brigade Cosmopolis, is already under construction at city's IT suburb Whitefield, and will house as many as 880 families. "This JV will provide a platform for us to acquire and execute a series of similar projects in south India and further strengthen our partnership," said MR Jaishankar, chairman and managing director of Brigade Group.
Brigade reported a total revenue of Rs 168 crore during Q1FY15, growth of 7%. The company had launched 1.91 million sq ft of residential space during the first quarter. It has set a target of building 30 million sq ft over the next five years.