NEW DELHI: Birla Estates (BEPL), a wholly-owned subsidiary of Aditya Birla Real Estate, has entered into a joint venture with Mitsubishi Estate Co. (MEC), for a Rs 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. (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 four million sq ft of built-up area.
This is MEC’s maiden investment in India’s real estate industry.
In Q3 FY25, booking value of Aditya Birla Real Estate’s real estate business increased by 257% year-on-year to Rs 675 crore and collection increased by 175% year-on-year to Rs 501 crore.
