Mitsubishi invests Rs 560 cr in its maiden real estate project with Birla estate
Birla Estates Private Limited (BEPL), a wholly owned subsidiary of Aditya Birla Real Estate Limited has entered a joint venture with global investor, Mitsubishi Estate Co. Ltd. (MEC) to invest Rs 560 crore in a residential housing development in Southeast Bengaluru.
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The project will be developed under a special purpose vehicle (SPV), BEPL and MJR Investment Pte. Ltd. (MIPL), an affiliate of MEC will share 51:49 economic interest respectively in the SPV.
“We are pleased to announce our strategic collaboration with Mitsubishi Estate, marking its maiden investment in India’sresidential real estate sector, to develop premium residential project. Starting with this project, this partnership will combine MEC’s global expertise and our deep local insights to deliver world-class living spaces. Our vision is to create modern, sustainable communities that cater to the evolving needs of Indian homebuyers, while setting new standards in the residential real estate sector across the country,” said K. T. Jithendran, MD & CEO of Birla Estate.
The SPV will lead the development of the premium residential project, which spans 4 million square feet of built-up area. “This partnership with BEPL will be MEC's first investment in the Indian residential sector. We are excited to associate
