The Browns Investment Plc., the strategic investment arm of the LOLC Group through its subsidiaries has secured the 99 year leasehold rights of 18.3 acres of land in three identified plots at the Port City for a consideration of USD 200 million.
The company in a stock filing said it has entered into the relevant lease agreement with the Colombo Port City Economic Commission on December2, 2021 and the planned projects are: Colombo International Financial Center, Colombo Marina Development and Port City Marina Hotel Development.
Browns Investments will carry out the Colombo International Financial Center project through its subsidiary Ceylon Real Estate Holdings (Pvt) Ltd and for the plot of 7.5 acres identified for the purpose the company has already paid USD 42 million out of the total consideration of USD 102 million. The balance USD 60 million will be paid within the year.
Colombo Marina Development project will be handled by Browns subsidiary Colombo Marina Development (Pvt) Ltd and a plot of 7.6 acres has been identified for the purpose while the total consideration of USD 55 million has already been settled.
The company will be handling Port City Marina Hotel Development Project through its subsidiary Marina Holdings (Private) Ltd for which a plot of 3.2 acres has been identified and out of the total consideration of USD 43 million, a sum of USD 17 million has already been paid. The balance sum of USD 26 million will be paid in two installments within during 2022 and 2023.
In December 2020 the company announced it had entered into an MOU to partner with China Harbour Engineering Company Ltd to commence the Colombo International Financial Center Mixed Development Project in the Colombo Port City.
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