Shriram Properties acquires plotted development project in North Bangalore, 'Golden Ira'

15 Dec 2022 , 12:09 PM

Shriram Properties Limited, one of South India’s leading real estate developers, has completed the acquisition of “Golden Ira,” a plotted development project of the Golden Gates Group that was a stressed asset with lending entities affiliated with the IIFL Group.

The transaction involves up to Rs 125 crore in capital commitments for the acquisition and development of the Project.

Golden Ira is a plotted development project in Dodballapur, North Bangalore, with a total saleable area of approximately 10 lakh square feet. The project already has the necessary approvals in place, as well as partially completed infrastructure development.

SPL purchased the Project from IIFL Group entities through SPL Housing Projects Private Limited, a wholly-owned subsidiary of the company. SPL saw an opportunity to create value for its stakeholders given the location and significant potential and plans to launch the project under the name “Shriram Pristine Estates” shortly, said the company in its media filing.

Shriram Pristine Estates will also be the first investment made through the recently completed co-investment platform established by SPL and ASK Property Fund. Partners have committed to co-investing up to Rs 500 crore through the platform, with plans to co-invest in plotted and residential development projects in Bengaluru, Chennai, and Hyderabad.

At around 12.11 PM, Shriram Properties was trading at Rs81.95 down by 0.67% from its previous closing of Rs82.50 on the BSE. The scrip opened at Rs83.05 and touched intraday high and low of Rs84.60 and Rs81.80 respectively.

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