Realtor DRA inks pact with Philippines' Balajadia Family office to invest USD 100 mn

New Delhi, Aug 8 (PTI) 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 MJH MJH SHW