Financial Times

Softlogic in $25m property project
The Softlogic Group is actively pursuing property development with a US $25 million investment, planning to tie up with an international supermarket chain and is on the lookout for acquisitions complementing its IT related businesses.
“We are putting up a very upmarket shopping and apartment complex near Liberty Plaza in Colpetty and we plan to bring in a very upmarket departmental store as well,” Ashok Pathirage, Chairman, Softlogic Group said. He said the group is also actively looking for suitable acquisitions, which complement its existing businesses, in a bid to grow faster in a short period of time.

“We want to grow faster and bigger in a short period of time. We are looking for acquisitions and are aggressively focused in this area and want to acquire businesses in similar industries or acquire related businesses,” he added. He said that presently the company is finalising the Urban Development Authority approvals for the commercial and apartment complex and will start building by next January. The investment for the project is estimated at some US $25 million and the extent of the land is 90 perches.

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