Bangalore-based real estate developer Brigade Enterprises Ltd has bought a prime property in its home city from Hindustan Coca-Cola Beverages, the largest bottling partner of the US-based beverage major Coca-Cola in India, for Rs 68.83 crore ($11 million) to develop a real estate project.
“The company has purchased a prime property measuring 2.25 acres at Hebbal, Bangalore from Hindustan Coca-Cola Beverages Pvt Ltd for a consideration of Rs 68.83 crores, for developing a prime real estate,” Brigade Enterprises said in a filing to the stock exchanges.
Brigade Enterprises has ongoing projects across residential, commercial and hospitality segments.
Few weeks ago it signed a deal with InterContinental Group (IHG) to build 10 Holiday Inn Express hotels in South India. The hotels would be owned by Brigade Group and managed by IHG. Brigade group has six hotels in its portfolio in South India, either operational or under development.
Under the agreement, the first two hotels will open in Bangalore in 2017 and the remaining eight hotels are scheduled to open before 2020. The two companies are already in partnership for Holiday Inn - Tidel Park in Chennai. This hotel is scheduled to open in 2015. Brigade Group plans to invest Rs 50-80 crore for building each hotel.
The latest property transaction by Brigade follows a string of such land deals across the top cities. Just few days back, Tata group’s realty firm Tata Housing Development Co Ltd said it is acquiring land in Bangalore from power transmission company Alstom T&D India for Rs 120 crore ($19.4 million) to develop its second luxury project in the southern city.
Early this year, group firm Tata Global Beverages Ltd, the non-alcoholic beverage company of Tata Group, had entered into an agreement with Tata Realty and Infrastructure Ltd (TRIL) for the development of the company’s property in Bangalore through a Special Purpose Vehicle.