Brigade Group launches Rs. 1,000cr trade tower

The Brigade Group, a Bangalore-based real estate and infra builder holding licences to build World Trade Centers across five southern cities, will build its third WTC after Bengaluru and Kochi in Chennai with an investment of Rs. 1,000cr. In the project, the company is developing over 2.5 million sq. ft of commercial and office space on the 16-acre land parcel it acquired together with GIC, Singapore's sovereign wealth fund bought from Kansai Nerolac Paints for Rs 537.8cr. For the execution of the newly announced project, Brigade and GIC will set up Perungudi Real Estate, a special purpose vehicle and that project will come up in the Perungudi, CEO-Retail and Commercial at Brigade Enterprise, Vishal Mirchandani, said. Sources further informed that the development of commercial and office spaces would cover a total 2.5 million sq. ft. The Bengaluru WTC was commissioned roughly four years back whereas a part of this of in Kochi is already operational. It may be recalled that Brigade group holds the licences to builds WTCs in Hyderabad and Thiruvananthapuram and for the GIC, this would be the first collaboration with Brigade on a World Trade Centre after IT SEZ and a residential project it executed on the outskirts of Bengaluru, he added.