Shriram Properties acquires a plotted development project in Bangalore

Shriram Properties has successfully completed the acquisition 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 transaction involves capital commitments of up to Rs.125 crore towards the acquisition and development of the Project.

Golden Ira is an approved plotted development project located at Dodballapur in North Bangalore, with an aggregate saleable area of approx. 10 lac square feet (Project). The Project has necessary approvals in place already and also partially completed infrastructure development.

SPL acquired the Project from IIFL Group entities through SPL Housing Projects Private Limited, a wholly owned subsidiary of the Company. SPL saw the opportunity given the location and significant potential to create value for its stakeholders and is planning to launch the Project under the name Shriram Pristine Estates shortly.

Shriram Pristine Estates 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

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