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Real estate developer Shriram Properties has acquired a plotted development project, Golden Ira, in Bengaluru for Rs 125 crore from the IIFL Group. Golden Ira, a plotted development project of the Golden Gates Group, was a stressed asset with lending entities part of the IIFL Group.

The real estate firm acquired the project from IIFL Group entities through its wholly-owned subsidiary SPL Housing Projects Pvt. Ltd.

Golden Ira is an approved plotted development project located at Doddaballapur in North Bengaluru, with an aggregate saleable area of about 10 lakh square feet. The project has the necessary approvals in place already and has also partially completed infrastructure development.

Also Read: Shriram Properties arm acquires Bengaluru-based Suvilas Realities

The real estate developer said that it saw the opportunity given the location and significant potential to create value for its stakeholders and is planning to launch the project shortly under the name 'Shriram Pristine Estates'.

This will be the first investment under the recently concluded co-investment platform set up jointly between Shriram Properties and the ASK Property Fund.

Under the platform, the two partners have committed to co-investing up to Rs 500 crore and plan to co-invest in plotted and residential projects in Bengaluru, Chennai, and Hyderabad.

Shriram Properties, one of South India's leading residential real estate development companies, is backed by private equity players affiliated with TPG, Tata Opportunities Fund, Walton Street Capital, and Starwood Capital.

Shares of Shriram Properties are trading 0.06 percent higher at Rs 82.20.

(Edited by : Rukmani Krishna)

First Published:Dec 15, 2022 1:17 PM IST