Brigade Enterprise to enter capital market

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Mumbai, Dec 3 (UNI) Brigade Enterprises, a Bangalore-based real estate developer that has land reserves of 395.05 acres spread across seven cities in south India, is in the process of entering capital market to fund its new projects.

In its draft red herring prospectus filed with the Securities and Exchange Board of India, the Company disclosed that the land reserves are located in and around Bangalore, Mysore, Hyderabad, Chennai, Kottayam (in Kerala), Mangalore and Chikmagalur as of September 10.

The Company is developing two integrated lifestyle enclaves, 12 residential properties and two hospitality properties, totaling 12.53 million sq ft of saleable area and about 13.84 million sq ft of developable area.

Further, the Company's forthcoming projects (that are in the planning stage, where approvals are in the process of being obtained but construction is yet to begin) include four integrated lifestyle enclaves.

The 14 residential properties include nine commercial properties and five hospitality properties, aggregating approximately 22.37 million sq ft of saleable area and about 29.33 million sq ft of developable area.

In addition to building residential housing units, Brigade Enterprises is also involved in the hospitality business under the 'Brigade Homestead', brand of serviced residences. So far, the Company has 89 operational keys (rooms) and one Woodrose Club with 26 operational keys.

''In all, we have about 223 keys under development in serviced residences across two locations in Bangalore and are also developing three hotels with about 700 keys and three resorts with about 196 keys in South India,'' Brigade Enterprises CMD MR Jaishankar said.

''We intend to operate these serviced residences, hotels and resorts ourselves and through arrangements with international hotel operators, such as Starwood, InterContinental, Banyan Tree and Accor,'' he added.

As for the commercial projects, the Company has built Brigade Software Park, Brigade South Parade and Brigade Techpark with clients like Cisco Systems, Digi Captions India, Mahindra Engineering Design and Development Company, Mindtree, Spice Communications, Tata Coffee and TTK Prestige.

Brigade has completed a total of 67 properties, comprising 41 residential properties, 21 commercial properties and five hospitality properties, aggregating approximately 5.67 million sq ft of saleable area and about 6.74 million sq ft of developable area.

UNI

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