Portfolio
One Bangalore West, Bangalore
Project Details:
Asset Class : Residential development
Land : 16.73 acres
Leasable / Saleable Area : 2.5 million sq ft
Location : Bangalore, Karnataka
Indian Portfolio Company : Palladium Constructions Private Limited and Platinum Spaces Private Limited
Development Partner : The Phoenix Mills Limited
Investment Date : March 2008
Completion Date : March 2016 for Phase I
Funds Invested : EUR 28.07 million
Equity Stake : 30 %

Project

The project, One Bangalore West is located in the north western part of Bangalore, India’s IT/ITES capital. Apart from IT, Bangalore is a prominent centre for education, aerospace, telecom, biotech, defence and research & development in India.

Our development partner in the project is The Phoenix Mills Limited, pioneer in high-end luxury shopping malls, famous for its first such project in Mumbai’s Lower Parel which then became the model for developing shopping and entertainment hubs across the country. In the past one year Phoenix Mills Ltd. has introduced more than 3.25 million sq. ft. of retail space across Pune, Bangalore, Mumbai and Chennai.

The project was repositioned from a mixed use project (comprising of retail and hospitality development) to a premium residential scheme to be developed in phased manner. The master plan for the development has been finalised. The ultimate union of modern living and nature, this project is spread over 17 acres of land. The 30-storey sky rise is home to 2, 3 and 4 bedroom apartments, all offering a spectacular aerial view of the garden city. Currently, development of Phase-I of 1.2 million sq ft comprising of five towers & a clubhouse are in progress.The management has approved merger of the two companies to achieve economies of scale and streamline operations and the merger order is awaited.

Yatra has fully exited from this investment in September 2015 and received the entire sale proceeds of EUR 30.49 million.

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