Prime Lands acquires Colombo 9 property from Lanka Realty in Rs.1.1bn deal

Lanka Realty Investments PLC (LRI) has announced the sale of a prime land parcel in Colombo 9 by its fully-owned subsidiary Baseline Holdings (Private) Limited, to Prime Lands Residencies PLC, for a total of Rs.1.1 billion. 

The deal was finalised on July 18, 2025, according to a corporate disclosure filed with the Colombo Stock Exchange.

The property, consisting of two lots, is located on Danister De Silva Mawatha, Colombo 9 and spans a combined area of just over one acre (A0-R3-P26.50 and A0-R2-P3). 

The sale is part of LRI’s broader strategy of divesting non-aligned land bank assets to reduce debt and enhance its financial position. The company’s 2023/24 annual report outlines a five-year plan that includes a comprehensive review of its Baseline property to align its strategic fit.

LRI, a diversified investment holding company with interests in commercial and residential real estate, leisure and manufacturing, has been focusing on optimising its portfolio. The company’s recent operational highlights include the relaunch of Unity Plaza and achieving full occupancy at its HQ Colombo commercial property.

The Baseline property is in line with LRI’s strategic shift to focus on acquiring and managing income-producing properties while divesting from non-core assets. The annual report mentions that the Baseline property was planned for a residential development with 410 affordable housing units, for which the preliminary planning approval had been secured.

Read ‘Lanka Realty Investments advances strategic divestment and capital infusion’ on Page 11 for more insights.