Keppel in joint venture to buy Indian site for $76.27m

It aims to construct a retail and office facility.

Keppel Land Limited, through its subsidiary, Keppel Puravankara Development Pte Ltd (KPDL), is acquiring a prime 3.09-hectare site in Yeshwantpur, Bangalore, from Metro Cash & Carry India Private Limited (MCCIN) for $76.27m (INR4,050m).

Also read: Keppel unit to buy Shanghai office for $65.8m

KPDL is a joint venture company with Indian property developer Puravankara Limited where Keppel Land holds a 51% stake and Puravankara holds the remaining 49% stake.

The deal aims to construct a 160,000 sqft retail-cum-office facility which will be handed over to MCCIN.

"India is one of the fastest-growing major economies in the world, whilst Bangalore, as one of the primary hubs for the technology industry, is amongst the largest and fastest-growing office markets in the country,” Sam Moon Thong, President (Regional Investments), Keppel Land, said in a statement.

Located next to mixed-use precinct Bridge Gateway, the site is approximately 5 km northwest of Bangalore city centre and enjoys accessibility to other parts of the city and other business districts via Bangalore's local mass rapid transit system, Namma Metro.

Keppel Land is also tying up with Puravankara for the development of Provident Park Square, a 2,082-unit high-rise condominium development off Kanakapura Road in Bangalore. Its latest launch in March 2018 was well-received, with more than 70% of the 1,102 launched units sold to date.

Photo from Muhammad Mahdi Karim - Own work, GFDL 1.2

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