SPL Housing Projects, a wholly-owned subsidiary of Shriram Properties (SPL), has acquired Golden Ira, a plotted development project of the Golden Gates Group, that was a stressed asset with lending entities part of the IIFL Group, the company said in a media release.
The transaction involves capital commitments of up to Rs 125 crore towards the acquisition and development of the project. SPL plans to rename and launch the project as Shriram Pristine Estates.
Murali M, chairman & managing director of the company said, “The is yet another successful acquisition of stressed asset by us in recent months. This addition will strengthen our launch pipeline for FY23.”
The project situated in Dodballapur, North Bengaluru has an aggregate saleable area of approximately 10 lakh sq ft. It already has necessary approvals in place and also partially completed infrastructure development.
This will also be the first investment under the recently concluded co-investment platform setup jointly between SPL and the ASK Property Fund.
Under the platform, partners have committed to co-investing upto Rs 500 crore, and plan to co-invest in plotted and residential developments projects in Bengaluru, Chennai, and Hyderabad.