BI signs with CHEC Port City mixed development project
View(s):Browns Investments PLC (BI), the strategy investment arm of the LOLC Group, on Thursday entered into an agreement to partner with China Harbour Engineering Company Ltd (CHEC) to commence the Colombo International Finance Centre (CIFC) mixed development project in the Colombo Port City (CPC).
The CIFC mixed development project will be piloted over two phases, whereby BI is partnering with CHEC for Phase One via the incorporation of a Special Purpose Vehicle (SPV) company, a subsidiary of Browns Investments PLC. The total investment in Phase One amounts to US$450 million with a buildable land area spanning 3.06 hectares, which is leased from CHEC Port City Colombo (Pvt) Ltd to the new SPV that will be jointly managed by BI and CHEC, according to a BI statement. The total investment from both phases is $1 billion.
This will be a significant undertaking involving the construction of one residential apartment tower, one serviced apartment tower, one office tower and a retail podium on the ground floor. Ascending to 39 floors, the total Gross Floor Area across the investments will exceed 160,000 square metres, with residential and serviced apartments encompassing an area of over 88,000 square metres inclusive of parking, a retail space of 24,000 square metres, while the office complex will have a cross area of over 48,000 square metres.
Commenting on the CIFC project, Chairman of BI and Deputy Chairman of LOLC Group, Ishara Nanayakkara said that this project is well set to establish the Colombo International Finance Centre as a premier regional hub that attracts world-class players to employ a catalytic role in Sri Lanka, encompassing multi-dimensional value creation for the entire country. (DEC)