Singapore-based Superior Investments Pte. Ltd and HDFC Investment Trust II, an investment firm under mortgage lender HDFC Ltd, have together invested Rs 60 crore (approximately $9.7 million) in a residential project of Bangalore-based Sterling Urban Developers.
The money is going into a special purpose vehicle Sterling Gated Community Private Limited for the development of a residential project in Whitefield, Bangalore.
Email queries sent to Sterling Urban Developers and HDFC spokesperson seeking details with regard to the investment did not immediately elicit any response. The spokesperson for Superior Investments could not be contacted.
Law firm J. Sagar Associates (JSA) advised the investors while BMR Advisors represented Sterling Urban Developers on the transaction.
Founded in 1983, Bangalore-based Sterling Urban Developers is a real estate development company and develops residential and commercial properties. It develops luxury flats, apartments and villas. Ongoing projects of the company include Sterling Infinia, Sterling Ascentia and Sterling Villa in Bangalore.
In 2006, the company expanded its operations to Pune.
Bangalore has been the hotbed of private investment activity for realty projects.
(Edited by Joby Puthuparampil Johnson)