Birla Estates Private Limited (BEPL), a wholly owned subsidiary of Aditya Birla Real Estate Limited (formerly Century Textiles and Industries Limited) has entered a joint venture with Mitsubishi Estate Co. Ltd. (MEC), a reputed global investor, for a ?560 Crore investment in a residential housing development in Southeast Bengaluru through a special purpose vehicle (SPV)
Under the partnership, BEPL and MJR Investment Pte. Ltd. (MIPL), an affiliate of MEC will share 51:49 economic interest respectively in the SPV. The SPV will lead the development of the premium residential project, which spans 4 million square feet of built-up area, strategically located in Bengaluru's thriving Southeast locality.
T. Jithendran, MD & CEO of Birla Estates, said, “We are pleased to announce our strategic collaboration with Mitsubishi Estate, marking its maiden investment in India’s residential 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."
Atsushi Nakajima, the President and CEO of MEC further added, “This partnership with BEPL will be MEC's first investment in the Indian residential sector. We are excited to associate with one of India's most respected and reputed groups to expand our presence. Together, we are committed to setting new standards for excellence in the residential segment in India.”
