Indian real estate developer Brigade Properties and Government of Singapore Investment Corporation (GIC) have purchased a property in Whitefield, Bangalore, from Hindustan Unilever for ₹1.25 billion (US$22 million).
Seven bidders including CapitaLand, Mahindra Lifespaces and Prestige Estates Projects made offers for the property.
Brigade and GIC – through its Reco Begonia affiliate – plan to construct a luxury residential development on the 9.5-acre plot. Brigade will hold a 51% stake in the project while GIC will have a 49% interest.
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Brigade focuses on property development and management services, hospitality and education. Its projects are spread across Chennai, Chikmagalur, Hyderabad, Kochi, Mangalore and Mysore.
J Sagar Associates partner Vivek Chandy and senior associate Malini Raju advised Hindustan Unilever on the sale. The firm conducted due diligence, handled negotiations and completed the sale transaction.
Amarchand Mangaldas partners Namrata Kolar and Arjun Lall in Bangalore advised Brigade. Partners Sai Krishna Bharathan and Vivek Bajaj at AZB & Partners represented GIC.
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