Bengalooru-based Golden Gate Properties is understood to be in advanced talks with 2 leading European banks, apart from the Blackstone Group, to raise close to $200 mn (Rs 900 cr). A company announcement on the same is expected shortly. Headquartered in Bengalooru, Golden Gate Properties controls a sizeable land bank of close to 350 acres in and around Bengalooru. It currently has over 11 mn sq ft of land under development in the city. Mr Sanjay Raj, executive director, Golden Gate Properties confirmed that the company is open to a private equity placement but refused to divulge details. Golden Gate currently has seven ongoing projects worth Rs 1,500 cr and is planning to launch 10 different projects in the southern metros of Bengalooru, Chennai and Hyderabad. These projects would have a total inventory of 10,000 units. The company also has the approval to develop one SEZ at Devanahalli in Bengalooru, while it is awaiting the approvals to kick-off a second SEZ project on Mysore Road. Both SEZs put together constitute an approximate built-up area of six mn sq ft.
The Economic Times New Delhi Edition February 26 2007

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