Deccan Herald
Brigade Group property is now 'World Trade Centre'
Bangalore, August 25, DHNS
Brigade Group announced that it has obtained license from World Trade Centers Association to classify and manage their 1 million sq ft office tower in their mixed use project Brigade Gateway as 'World Trade Centre Bangalore'.
This marks the company's entry into the league of select World Trade Centers across the globe.
The World Trade Centre certification is awarded after rigorous assessment and scrutiny by World Trade Centres Association (WTCA), whose primary objective is to promote prosperity through world trade, the company announced in a press conference in Bangalore on Wednesday.
Brigade Group Chairman & MD M R Jaishankar said "This is a matter of great pride and honour, for Brigade Group. Bangalore is once again on global map as the City that houses a World Trade Center." There are over 300 World Trade Centers in nearly 100 countries all focused on growing their economies in the international marketplace.
A World Trade Centre is a signature real estate development and symbol of International trade providing its members services like-trade information, global networking with WTC clubs, etc.
Source: http://www.deccanherald.com/content/91361/brigade-group
-property-now-world.html
Times of India
World Trade Centre in Bangalore
PTI, Aug 25, 2010
BANGALORE: Bangalore, known as the silicon capital of the country, has joined the global network of World Trade Centres with the establishment of a World Trade Centre, a global hub for international business in the city.
The Bangalore-based leading developer Brigade Group, today announced that it has obtained license from World Trade Centers Association (WTCA) to classify and manage their one million square feet office tower here as the World Trade Centre (WTC).
With this, Bangalore becomes the second city in the country to have a WTC with the first being located in Mumbai and joins the global network of World Trade Centres currently located in 100 countries.
The WTCA, headquartered in New York City, was established in 1970 as a non-profit organisation to promote growth of international trade by establishing WTCs throughout the world.
"A World Trade Centre is a symbol of International Trade Services like trade information, global networking with WTC clubs, exhibit facilities, consulting services, administrative support, export/import assistance, teleconferencing facilities, translation/interpretation, trade mission office service," Robert J Frueh, Director of Member Services, World Trade Centres Association told reporters here.
A WTC certification is awarded after rigorous assessment and scrutiny by the WTCA, whose primary objective is to promote prosperity through trade, he said. One of the criteria for the certification was it shares the vision for global trade and have the support of the community.
The WTC was expected to be operational in the first quarter of 2011, said
M. R. Jaishankar, Chairman and MD of Brigade Group.
Source: http://timesofindia.indiatimes.com/city/bangalore/World-Trade
-Centre-in-Bangalore/articleshow/6433847.cms
The Hindu Business Line
World Trade Centre opens in Bangalore
Our Bureau, Bangalore, Aug. 25:
A non-stop dedicated elevator takes one to the 29th floor of Brigade Gateway's commercial development, claimed to be Bangalore's tallest structure.
The helipad at the top of the building, which is 128 metre (430 ft) tall, affords a 360-degree unobstructed view of the city. But what makes this commercial tower different from other office buildings is the licence which it holds. The licence to be branded a World Trade Centre (WTC).
Real estate developer Brigade Group has obtained the licence from the World Trade Centres Association to classify and manage its 1.1-million-sq-ft Brigade WTC Bangalore, part of the 40-acre mixed-use Brigade Gateway development, as the "World Trade Centre Bangalore". And it is the value of the WTC brand that the company hopes to leverage in the coming months.
Second WTC centre
The Bangalore WTC is the second such centre in India, coming after a good 40 years since the first in Mumbai. There can be only one WTC in each economic region.
The WTC would give those having offices in this complex the opportunity to meet, exhibit and network with global businesses and other WTCA members, said a WTCA official, Mr Robert J. Frueh.
"It will provide services such as trade information, global networking with WTC clubs, exhibit facilities, consulting services, administrative support, export/import assistance, teleconferencing facilities, translation/ interpretation, trade missions, trade policy research etc," he said. There are about 317 such centres in 92 countries.
"It will take six months for the World Trade Centre to be operational. We hope to be operational by the first quarter of 2011," said Mr M.R. Jaishankar, Chairman and Managing Director, Brigade Group. The company is already in talks with potential tenants for the WTC, which might also see trade missions and consulates setting up shop here.
Rs 1,000-cr investment
The investment into this project is Rs 1,000 crore, and it has taken the company around three years to complete the commercial development. The integrated enclave would also have 1,260 high-end residential apartments, a 200-plus key Sheraton hotel, 8 lakh sq ft of Orion Mall, a 3,300-seat multiplex, an ICSE school and a Columbia Asia hospital on the campus.
And from what Mr Frueh had to say, it would take at least a few months before another WTC licence is given to another Indian development. With neighbouring China having already obtained 25 such licences, there is a lot of catching up to do for India.
Source: http://www.thehindubusinessline.com
Business Standard
Brigade may raise Rs 800 cr
BS Reporter / Chennai / Bangalore August 26, 2010
Bangalore-headquartered publicly-held realtor Brigade Group is planning to raise around $200 million (Rs 800 crore) for two of its special purpose vehicles at its upcoming 40 acres project 'Brigade Gateway'.
"We want to bring in private equity players into our 'Gateway' project and are in discussions with some of the players in the market," M R Jaishankar, chairman and managing director, Brigade Group, said on the sidelines of launching the 'World Trade Centre' project here.
He, however, declined to give a timeline for the equity infusion saying, the deals were expected to be closed soon.
"Gateway" is an integrated project comprising of both commercial, retail and residential space. In commercial space, the company had received the license from 'World Trade Centre' to launch its project for an investment of Rs 1,000 crore for a built-up area of 1 million square feet. This commercial complex will have 30 storeys and as of now it is the tallest building in Bangalore city.
"This is the second world trade centre after Mumbai and we hope to get encouraging response from clients to occupy this space," he added.
The company is set to float two SPVs at the project level. While the first SPV will be for the world trade centre project, the second will be for the residential and retail space that are part of this integrated township.
"The dilution will be 25 per cent to 50 per cent depending on the valuation," Jaishankar said. Brigade Group had earlier received an enabling resolution from shareholders to raise up to Rs 750 crore through qualified institutional placement (QIP) route as part of its capital infusion plans.
However, top officials said the company might consider a reduction in its fund raising through the QIP route if it would be able to rope in PE investors at the SPV level.
"QIP plans are on the cards and is likely to happen in the next two quarters. However, we may reduce the amount to be raised to Rs 500 crore if strategic investors come on board on the SPV level," Jaishankar said.
The present Rs 800 crore fund raising will determine the amount of fund raising through qualified institutional placements (QIP) route, he added.
He, however, declined to comment on the extent of dilution of promoters' stake due to the QIP.
Brigade Enterprises had also mandated J P Morgan as the consultant for advising the company to raise around Rs 500 crore to ramp up its hospitality business.
The realtor who plans to develop around eight to 12 million sq ft this fiscal, had already launched 2 million sq ft in the first quarter.
The real estate developer has a debt book of Rs 750 crore with a leverage of 0.63 times by the end of March, 2010.
It has posted close to four fold rise in its net profit to Rs 13.92 crore in April-June period of FY11 as compared to Rs 3.86 crore reported during the same time last year.
Net sales of the company increased by 47 per cent to Rs 85 crore during the same period from Rs 57.83 crore last year.
Source: http://www.business-standard.com/india/news/brigade-may-
raise-rs-800-cr/405808/
Reuters
Brigade Ent expects to launch QIP early next year
Wed Aug 25, 2010
By Bharghavi Nagaraju
(Reuters)—Realtor Brigade Enterprises Ltd expects to commence share sales to institutions by early next year, while it is in talks with 2-3 private equity players for stake sales in projects, its chief said on Wednesday.
"The board will have to take a final call on when it is an opportune time to come with a QIP (qualified institutional placement). The call will be taken hopefully by the end of the year," Chairman and Managing Director M.R. Jaishankar told Reuters on a the sidelines of a media briefing.
Subject to good market conditions, the QIP should happen in Jan-March, he said.
Bangalore-based Brigade had received shareholder approval to raise up to 7.5 billion rupees through an equity sale.
"We will need it in 2011, primarily for new projects, new land banks."
IN TALKS WITH PE FIRMS
Separately, the company is in talks with 2-3 private equity players for a proposed stake sale in its two projects and expects to raise $100-$200 million.
The company expects to sign at least one deal in two months, Jaishankar told reporters on the sidelines of a media briefing.
"If everything happens well, in two months time it should happen," he said, adding, it is in discussions for selling stake in World Trade Center and an upcoming retail mall, both in Bangalore.
If Brigade manages to rope in PE firms it would look at reducing the QIP size by 30-40 percent, Jaishankar said.
The company is also planning projects totalling 10-12 million square feet in FY11 across south Indian cities. At present, it has a constructed area of 20 million square feet, he said.
The company's current debt is more than 6 billion rupees, with a debt to equity ratio of 0.65.
Jaishankar expects realty prices to increase by upto 10 percent till December, based on inflation and rising construction costs.
"The market is reviving, it is again good time for real estate. The interest is coming in from pent-up demand and the feeling that the prices are reasonable and interest rates are fairly realistic."
Shares of the company closed up 2.98 percent at 146.90 rupees a share in a weak Mumbai market.
(Writing by Rajesh Kurup; Editing by Harish Nambiar)
Source: http://in.reuters.com/article/idINIndia-51052420100825
India Infoline
Brigade Enterprises bounces back on fund raising plan
Capital Market / 13:58, Aug 25, 2010:
Brigade Enterprises reversed initial losses and rose 2.24% to Rs 145.85 at 14:03 IST after the company's chief told the media that the company may sell shares to institutional investors early next year.
The stock had fallen as much as 4.31% at the day's low of Rs 136.50 in mid-morning trade.
Meanwhile, the BSE Sensex was down 72.62 points, or 0.40%, to 18,239.97.
On BSE, 1.22 lakh shares were traded in the counter as against an average daily volume of 37,564 shares in the past one quarter.
The stock hit a high of Rs 147.90 and a low of Rs 136.50 so far during the day. The stock had hit a 52-week high of Rs 187 on 18 January 2010 and a 52-week low of Rs 106.40 on 3 November 2009.
The stock had outperformed the market over the past one month till 24 August 2010, gaining 5.12% compared with the Sensex's 1% rise. It underperformed the market in past one quarter, rising 8.07% as against 11.18% rise in the Sensex.
The mid-cap real estate developer has an equity capital of Rs 112.25 crore. Face value per share is Rs 10.
Brigade Enterprises' chairman and managing director, M.R. Jaishankar was quoted by the media as saying that the board will have to take a final call on when it is an opportune time to come with a qualified institutional placement. The call will be taken hopefully by end of the year.
The company will need funds in 2011, primarily for new projects, new land banks, he added.
In June 2010, Bangalore-based Brigade had received shareholder approval to raise up to Rs 750 crore through public/private offerings/qualified institutional placements (QIP)/preferential issue or a combination thereof in one or more tranches.
Brigade Enterprises' net profit rose 260.6% to Rs 13.92 crore on 47% increase in net sales to Rs 85 crore in Q1 June 2010 over Q1 June 2009.
Source: http://www.indiainfoline.com/Markets/News/Brigade-Enterprises-
bounces-back-on-fund-raising-plan/3266052251
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