Brigade Group today announced the acquisition of Brooke Bond Real Estate (BBREPL), through Brigade properties (BPPL), its joint venture with GIC Singapore.

Brigade Group will develop an IT Special Economic Zone (SEZ) of over 3 million sq. ft. in the landmark location of Brookefields, Whitefield, Bangalore. The asset is located in Whitefield, one of Bangalore's two major IT hubs.

The Group has acquired 100% stake from Hindustan Unilever (HUL), after obtaining approval from the SEZ board of approvals.

MR Jaishankar, chairman and managing director, Brigade Group said, ''Brigade Group is happy to extend its association with GIC, a leading global investment organization with strong values and vision that are in sync with ours. The SEZ project at Brookefields will further strengthen or partnership. We are also excited about the opportunity to develop another landmark project in Bangalore on this strategically located site.'

Shares of the company declined Rs 5.5, or 3.94%, to trade at Rs 134.00. The total volume of shares traded was 127,182 at the BSE (3.44 p.m., Monday).