Yatra invests Euro 28.01 mn in 2 Bangalore projects

Written by Agencies | Mumbai, March 28: | Updated: Mar 28 2008, 20:31pm hrs
Yatra Capital will be investing Euro 28.01 million in two realty joint venture projects in Bangalore.

Yatra will be investing Euro 17.86-million in Palladium Constructions and Euro 10.15-million in Platinum Hospitality Services, a press release issued in Mumbai said.

The company will be picking up a 30 per cent stake in each of these joint venture companies.

Palladium Constructions will develop a 1.9-million sq ft of mixed use complex of retail and residential buildings. The project cost of the development, including the cost of land and construction is estimated at Euro 152.2-million.

Platinum Hospitality will develop a 0.5-million sq ft hotel property, including service apartments. The hotel will be built at a cost estimated at Euro 64.42-million.

Both the developments will be set up at Yeshwantpur in northern Bangalore, the release said.

Construction on both properties is expected to begin in the last quarter of 2008 with the entire project to be completed in five years.

Yatras JV partner in both developments is The Phoenix Mills in which Yatra has made a strategic investment of Euro 3.73-million for a 0.47 per cent stake in 2007.

Commenting on the transaction, Yatra Capitals Chairman, Sir Nigel Broomfield said, with these two investments, Yatra would have a presence across asset classes in a key investment destination in India. These investments also underscores the value of our strategic partnership with Phoenix.