- 16 Apr 2024
- ICICIdirect Research
BRIGADE ENT ANNOUNCES A COMMERCIAL JDA IN CHENNAI WITH GDV OF ₹ 400 CRORE
BRIGADE - 1124 Change: -31.25 (-2.70 %)News: Brigade Enterprises Ltd will invest ₹ 400 crore to build an office complex in Chennai. It has entered into a Joint Development Agreement (JDA) with Agni Estates & Foundations Pvt Ltd to develop 'Brigade Tech Boulevard', a 'Grade A' office space on Pallavaram-Thoraipakkam Radial Road, in Chennai. The project will have a leasable area of 8.36 lakh square feet spread across two towers. This will be the next commercial project launched by Brigade Group after the successful completion of the 'World Trade Centre' on OMR. It has also appointed Jayant Bhalchandra Manmadkar as Chief Financial Officer (CFO) of the company with effect from April 18.
Views: Brigade has an operational leasing portfolio of 8.7 msf of commercial & retail assets, of which 8.1 msf has been leased and portfolio occupancy is 95%. The company plans to expand its rental portfolio by ~5 msf across office/malls, with cumulative annual rental potential of ₹ 500 crore. The current announcement along with another recent JDA announcement of 3 lakh sq feet in Bengaluru is part of the overall expansion plans.
Impact: Positive