Bangalore-based real estate developer Shriram Properties, part of the Rs 60,000-crore Shriram Group, is emerging as a strong contender for acquiring a prime real estate development in Bangalore for about Rs 570 crore.
Global private equity giants and real estate developers, besides Rana Kapoor, a promoter in publicly-held YES Bank, are among the bidders for the one-million-square-feet development. Global financial powerhouse Goldman Sachs, through the Whitehall Real Estate Fund, has 73 per cent stake in the project, while Bangalore-based real estate developer Century Real Estate and London-based developer Westcourt account for the remaining stake in the project, worth about Rs 2,000 crore.
Senior investment bankers in the know indicated the Shriram Group had shown keen interest in the project and might look at aggressive bidding to acquire the asset, expected to be commissioned next year. It is further understood Shriram Properties is in active discussions with two private equity funds for this bid and is considering a complete buyout.
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The entire development would have a 230-room Four Seasons hotel, besides 220 ultra luxury branded residences, managed by Four Seasons. The development would also have 1,50,000 sq ft of office space and 60,000 sq ft of retail area.
Branded homes come with bespoke design features and an array of services, including 24-hour concierge, valet parking, limousine and in-room dining service. The homes, though owned by individuals, would be maintained by the hospitality brand.
Located just north of Palace Grounds in a 6.5 acre site on the highway to the international airport in Bangalore, the development would feature three buildings, including two 30-storey towers. It is understood the apartments would cost Rs 4-10 crore each.
REALTY ROAD MAP
* Development over 6.5 acres on the highway to the international airport in Bangalore
* Four Seasons seven-star hotel with 230 rooms
* Four Seasons Private Residences with over 200 apartments
* Office space spread over 150,000 sq ft
* Retail space over 60,000 sq ft
* Goldman Sachs controls 73% in the project