Brigade Properties acquires Hindustan Unilever's SEZ arm

NEW DELHI: Brigade Properties today said it has entered into an agreement with FMCG major Hindustan Unilever ( HUL) to fully acquire its wholly-owned arm Brooke Bond Real Estates.

Brigade Properties is a 51:49 joint venture between Bangalore-based realty company Brigade Enterprises and GIC of Singapore.

"Brigade Properties has entered into share purchase agreement with Hindustan Unilever (HUL) today under which it has acquired HUL's 100 per cent stake in Brooke Bond Real Estates," Brigade Enterprises said in a BSE filing.

The financial details were, however, not disclosed. Last month, HUL had sought approval from the government to exit from Brooke Bond Real Estates, a sector specific SEZ for IT/ITES/BPO/Electronic Hardware at village Kundalhalli in Karnataka.

It had submitted a proposal for change of ownership of shares held by Hindustan Unilever to Brigade Properties.

The SEZ was granted formal approval on March 31, 2010 and was notified on October 7, 2010 with an area of 10.72 hectares.