Metro Properties has announced that it has signed a joint venture worth around €50 million with Keppel-Purvankara Development for a project to redevelop its property near central Bengaluru.
The mixed-use project will cater to the growing need for office and commercial space in the heart of India’s IT capital.
"Excellent Location"
CEO of Metro India, Arvind Mendiratta, said, “We believe that, given its excellent location, this real estate development will become a landmark in Bengaluru.
"Very good accessibility to the road and public transport networks in combination with the urban upgrade of the entire property will increase the attractiveness of the location”
Metro had opened its India headquarters and a cash and carry store on the property in the year 2003.
Strengthening Presence
In the first phase, re-development of the Metro store and its India office will be carried out on the property’s parking lot. It is expected to be complete by 2021.
“With the new development we are strengthening our presence in Bengaluru and at the same time leveraging value from the development of the space that is not used by Metro,” said Jean-Christophe Brexta, the CEO of Metro Properties.
The new Metro store and offices will be owned by Metro Properties.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
