Temasek unit buys 41-acres in Bengaluru from realtor Adarsh for Rs.1,900-Cr

Adarsh Developers , a real estate development firm, has sold a 41-acre land parcel in Bengaluru to Mapletree Investments, a unit of the Singapore-headquartered private equity fund Temasek.The deal is valued at over INR 1,900 crore and is part of Adarsh Developers' debt reduction strategy. The land has a development potential of around 7 million square feet. Savils was the advisor to the deal.Adarsh is looking to reduce the net debt by another INR 1,000 crore. The firm's net debt stood at INR 3,300 crore as of March 2024.Adarsh Developers had sold two of its land parcels in Bengaluru to Godrej Properties for approximately INR 180 crore in 2022.