Sri Lanka’s Renuka Holdings receives foreign investment to construct high rise mixed development project
Sri Lanka’s Renuka Holdings group has reportedly stated that one of its subsidiaries had commenced construction work on a high rise mixed development property in which equity investment will be over Rs. 3.2 billion and partly funded by a foreign investor.
The local media has reported that Renuka Holdings in a stock exchange filing has noted that the subsidiary, Galle Face Properties Ltd., had commenced construction work on the 32-storey ‘Renuka Tower’ in the Colombo 3 ward on April 22nd.
The filing has also noted that the mixed development project will have ‘A grade’ office space, office amenities, service suites, recreational areas and ample parking.
According to the report, the Tower is situated between Beira Lake and the Galle Face Green esplanade.
Renuka Group has also stated that the project will be funded with a mix of debt and equity, with part of the latter coming from a prospective overseas investor.
The foreign investment received by Renuka Holdings for the construction of a high rise mixed development project indicates the interest interests among foreign investors to be part of Sri Lanka’s development agenda. Projects similar to these while promoting Sri Lanka’s investment opportunities overseas, also serve as examples for other local companies to reach out for foreign investments to promote their development programmes.
|Article Code :||VBS/AT/27042018/Z_1|