Brigade forms JV with GSS India for VREPL, invests ₹439.75 Cr
Brigade Enterprises Limited and GSS India Opportunities AIF Scheme I have completed the subscription to securities of Vibrancy Real Estates Private Limited (VREPL). VREPL, formerly a wholly-owned subsidiary of Brigade, is now a 50:50 joint venture between Brigade and the Investor, effective April 29, 2026. The total cost of acquisition for the securities is ₹439.75 crore. Brigade's investment includes ₹136.43 crore for equity shares and ₹1 crore for Optionally Convertible Redeemable Preference Shares. GSS India Opportunities AIF invested ₹190.32 crore for equity shares and ₹112 crore for Optionally Convertible Debentures. VREPL will develop an integrated project of approximately 2 million square feet, comprising office and a hotel. The transaction is a related party transaction, executed at arm's length.
Key Highlights
- Brigade Enterprises formed a 50:50 joint venture for Vibrancy Real Estates Private Limited (VREPL).
- VREPL, formerly a subsidiary, will develop 2 million sq ft of office and hotel space.
- Total acquisition cost for the joint venture is ₹439.75 crore.
- Brigade invested ₹137.43 crore in VREPL through equity and preference shares.
- GSS India Opportunities AIF is the joint venture partner, investing ₹302.32 crore.