NEW DELHI, Aug 8: Chennai-based real estate firm DRA Group has signed a pact with Philippines-based Balajadia Family office to jointly develop a commercial project with an estimated investment of USD 100 million.
In a statement, DRA Group said it has entered into a strategic cross-border partnership with Balajadia Family office, global investors and entrepreneurs from the Philippines.
“The collaboration, formalised through a Memorandum of Understanding (MoU), will see the joint development of 1 million square feet of Grade-A commercial and retail space in India under Phase 1, with an estimated investment value of USD 100 million,” the statement said.
The MoU was signed at the Philippines-India Business Forum in Bengaluru.
This equal joint venture will be executed through a special purpose vehicle (SPV) platform.
“The collaboration allows us to combine local expertise with global capital to drive sustainable real estate growth,” Ranjeeth Rathod, Managing Director of DRA, said. (PTI)
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