Brigade To Invest `4,000 Cr. For Commercial Realty

Bengaluru headquartered real estate firm, Brigade Enterprises, plans to invest `4000 crore to develop commercial properties in South India by 2020. The firm is also looking to divest stake in the hospitality business. Brigade Enterprises has chalked out plans to launch another 8.2 million sq. ft of office and retail space in cities such as Bengaluru and Chennai over the next three years. It already has a partnership with Singapore-based private equity firm, GIC Singapore.

Together, both parties invested `1000 crore in buying land parcel across the Southern cities. “With GIC, we are building 5.5 mn sq ft currently that is expected to be concluded by 2020,” he said. Additionally, Brigade Enterprises has also moved all its hotel assets into a separate unit to raise funds to fuel future strategy. It plans to increase the number of hotel rooms to 2,000 by 2022 from 1,200 now.