Luxembourg REO Company SARL’s subsidiary Picard Angst India has acquired a bungalow spread over 2.8-acres land parcel in Mumbai’s western suburbs of Santacruz for over Rs 86.52 crore. The company has purchased the property from five joint owners, including global banking and finance professionals Francis Andrew Rozario, Former CEO & Executive Director at Temasek’s Fullerton Financial Holdings (International).
Picard Angst India was set up in 2019 for undertaking and supervising construction activities within the real-estate sector in the country. It is a wholly-owned subsidiary of Luxembourg REO that was started in 2018 with the objective of making investments in real estate assets across the world with Picard Angst India being the first investment venture.
The bungalow property Felstead Villa with ground plus one floor structure located on Gazdar Private Scheme has a total built up area of 4,005 sq ft. The freehold land parcel has a clear and unrestricted access from a public road and does not have any reservations marked against it. The company has paid stamp duty of Rs 5.19 crore for the registration of the deal that took place on March 2. Picard Angst India is likely to develop a luxury residential project on this plot.
