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

DRA Group has signed a pact with Philippines-based Balajadia Family office to jointly develop a commercial project with an estimated investment of $100 million.

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 $100 million.

Chennai-based real estate firm DRA Group has signed a pact with Philippines-based Balajadia Family office to jointly develop a commercial project. (Photo for representational purposes only) (Pixabay)

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 $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.