ECONMYNEXT – Sri Lanka’s Renuka Holdings group said one of its subsidiaries had started construction work on a high rise mixed development property in which equity investment will be over Rs3.2 billion, partly funded by a foreign investor.
The subsidiary, Galle Face Properties Ltd. had started construction work on the 32-storey ‘Renuka Tower’ in the Colombo 3 ward on 22 April, a stock exchange filing said.
The mixed development project will have ‘A grade’ office space, office amenities, service suites, recreational areas and ample parking, it said.
It is situated between Beira Lake and the Galle Face Green esplanade.
The project will be funded with a mix of debt and equity, with part of the latter coming from a prospective overseas investor, the company said.
(COLOMBO, April 25, 2018)