Kansai Nerolac, the industrial paints maker, has completed sale of its land in Chennai to realty firm Brigade Properties. The cost involved in the completion amounted for over Rs 535 crore.
The company sold land together with the buildings on it to Perungudi Real Estates Pvt Ltd., an SPV of Brigade Enterprises and Reco-Caspia, a GIC Singapore affiliate company for a consideration of Rs 537.86 crore.
In June last year, Kansai Nerolac had said its Board of Directors of the company have approved the sale of the company’s land ad-measuring 15.86 acres at Perungudi, Chennai to Brigade Properties Pvt Ltd or its Nominees/ another special purpose vehicle (SPV) formed by Brigade Group and GIC Singapore for a sum of Rs 550 crore.
Brigade Properties is a 51:49 joint venture between Bangalore-based realty company Brigade Enterprises and GIC of Singapore.