17 December 2020 12:27 pm
Browns Investments PLC, the strategic investment arm of LOLC Group, has entered into a deal with China Harbour Engineering Company (CHEC) for a mixed development project to be set up at the Colombo International Finance Centre (CIFC) envisaged in the Colombo Port City.
The total investment of the milestone project comprising a land area under development of 6.8 hectares is estimated at US $ 1 billion. The total investment in Phase One amounts to US $ 450 million with a buildable land area spanning 3.06 hectares.
To carry out the project, Browns Investment is partnering CHEC via the incorporation of a special purpose vehicle company, which will be owned by both companies.
The mixed development project includes a residential apartment tower, one serviced apartment tower, one office tower and a retail podium on the ground floor.
“Ascending up to 39 floors, the total gross floor area across the investments will exceed 160, 000 square meters, with residential and serviced apartments encompassing an areas of 88, 000 square meteres inclusive of parking, retail space of 24, 000 square meters, while the office complex will have a cross area of over 48, 000 square meters,” a stock exchange filing by Browns Investments said.