Shriram Properties has completed the acquisition of 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 lakh sq-ft.
SPL acquired the roject from IIFL Group entities through SPL Housing Projects, a wholly owned subsidiary of the company. It plans to launch the project under 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.
Murali M, CMD, Shriram Properties said, “This 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.”
