Birla, Mitsubishi Estate ink JV to invest Rs 560 cr in new housing project

Aditya Birla Real Estate Ltd arm Birla Estates has entered into a joint venture with Mitsubishi Estate Co Ltd (MEC) and will invest Rs 560 crore to develop a housing project in Bengaluru.

Birla Estates Pvt Ltd has entered a joint venture with Mitsubishi Estate Co Ltd for a Rs 560 crore investment in a residential housing development in Southeast Bengaluru through a special purpose vehicle (SPV).

Under the partnership, Birla Estates and MJR Investment Pte Ltd (MIPL), an affiliate of MEC, will share 51:49 economic interest, respectively, in the SPV.

The SPV will lead the development of the premium residential project, which spans 40 lakh square feet of built-up area.

KT Jithendran, MD & CEO of Birla Estates, said, "We are pleased to announce our strategic collaboration with Mitsubishi Estate, marking its maiden investment in India's residential real estate sector, to develop premium residential project".

Birla Estates develops premium residential housing in key markets. The company is developing land parcels both through outright purchases as well as asset-light Joint Ventures apart from developing its own land parcels.

The company is headquartered in Mumbai and currently has regional offices in NCR, Bengaluru and Pune and also has a well-established commercial portfolio with two grade-A commercial buildings located in Worli, Mumbai, with around 6 lakh square feet of leasable area.