Renuka Holdings PLC said one of its sub-subsidiaries, Galle Face Properties Ltd, commenced the construction of the group’s ambitious property development plan, ‘Renuka Towers’, which was in the pipe line for several years, on a company-owned land in Colombo 3.
“Renuka Tower is a 32-level mixed development project consisting of A Grade premium office spaces, office amenities, service suites, recreational areas and ample parking situated in Colombo 3 between the Beira Lake and Galle Face Green,” the company said in a stock market filing.
It further said the project would be funded by a mix of equity and debt.
“The equity investment in the subsidiary will be in excess of Rs.3.2 billion. A portion of the equity will be funded by a prospective overseas investor at a future date,” the filing said.
Renuka Holdings in early 2015 raised little over Rs.1 billion for the project through a rights issue. Renuka Holdings is a diversified conglomerate with interests in agri food, organic plantations, fast-moving consumer goods, dairy, automotive, investments and services.