Brigade Group To Sell Hospital Land For Rs 120 Cr
Brigade Group is rumored to be selling its 165-bed hospital property to a group of high networth individuals for around Rs 120 Cr.
The hospital land, which has been leased to Columbia Asia for 30-years, has a built-up area of around 220,000 square feet.
Columbia Asia has the first right of refusal for this land and the hospital chain is understood to have agreed to the sale of the land to a group of HNIs.
Transaction Reference: BS
Brigade Enterprises Ltd (Brigade Group) is a listed company and one of the leading real estate developers in South India.
The company has a debt book of Rs 750 Cr with a leverage of 0.63 times by the end of March, 2010. It posted a net profit of Rs 47.32 Cr,
The net sales of the company stood at Rs 354.85 Cr, a two per cent drop during this period over the same period last year.
The property is housed as part of a 40-acre enclave which Brigade Group is building in West of Bangalore in the Rajajinagar-Malleshwaram area. The enclave — Brigade Gateway is an integrated concept, with different zones for residential, retail, recreational, educational and commercial purposes
The group is also trying to raise Rs 500 Cr through a QIP issue by end of this year.
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