Real estate powerhouse Shriram Properties (SPL) announced that it has acquired “Golden Ira,” a projected development project of the Golden Gates Group that had been a stressed asset with financing institutions part of the IIFL Group, with success.
Up to Rs. 125 crores in capital commitments are involved in the deal for the purchase and development of the Project.
Golden Ira is a planned development project with approval that is situated in North Bangalore’s Dodballapur and has a total saleable area of around 10 lac square feet (Project). The Project has already received the required permissions, and infrastructure work is also nearly finished.
Through SPL Housing Projects Private Limited, a wholly owned subsidiary of the Company, SPL purchased the Project from IIFL Group businesses. Given the location’s enormous potential for wealth creation for its stakeholders, SPL saw an opportunity and is preparing to launch the Project under the name “Shriram Pristine Estates” in the near future.
The first investment made through the newly finished co-investment platform established jointly by SPL and the ASK Property Fund will also be in Shriram Pristine Estates. Partners have agreed to co-invest up to Rs. 500 crores through the platform, and they want to do so in land and residential development projects in Bengaluru, Chennai, and Hyderabad.
Commenting on the development, Mr. Murali M, CMD, Shriram Properties said, “The is yet another successful acquisition of stressed asset by us in recent months. This addition will strengthen our launch pipeline for FY23, and we will focus on unlocking value through accelerated execution and timely delivery. We remain excited by the significant opportunities and are well positioned to benefit from the consolidating industry environment”.