Brigade Group buys 2.25 acre plot in Bangalore for Rs 69 crore

Realty firm Brigade Enterprises has bought 2.25 acres of land in Bangalore from Hindustan Coca-Cola Beverages for almost Rs 69 crore.

The Bangalore-based company plans to develop a premium real-estate project on the acquired land.

The company "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 crore for developing a prime real estate project," Brigade Enterprises said in a filing to the BSE.

Brigade Enterprises has completed 67 housing, commercial, retail and hospitality projects, covering over 6.74 million square feet, and is working on a number of projects in south India.

In the first half of this financial year, the company sold housing and commercial space aggregating 0.7 million sq ft for Rs 358.2 crore. The average price realisation was Rs 5,050 per sq foot.

Brigade Enterprises posted a net profit of Rs 25.7 crore on a turnover of Rs 338.1 crore in the first six months of 2013-14.

Hindustan Coca-Cola Beverages is the largest bottling partner of the Coca-Cola Company in India.