Indian real estate developer Brigade Properties and Government of Singapore Investment Corporation (GIC) have purchased a property in Whitefield, Bangalore, from Hindustan Unilever for ₹1.25 billion (US$22 million).
Seven bidders including CapitaLand, Mahindra Lifespaces and Prestige Estates Projects made offers for the property.
Brigade and GIC – through its Reco Begonia affiliate – plan to construct a luxury residential development on the 9.5-acre plot. Brigade will hold a 51% stake in the project while GIC will have a 49% interest.
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