Dubai firm to invest in Sobha Developers

Bangalore: A Dubai-based investment company has taken 40 per cent equity in a residential project to be developed by Sobha Developers, a leading real estate company from Bangalore.

Pan Atlantic LLC, Dubai, will invest $10 million in a special purpose vehicle created by Sobha and Pan Atlantic to develop a residential township with a total built up area of 1.7 million sq. ft. in Hosahalli in Bangalore South.

The project will be launched soon, said a company official. Stating that thi s was the first foreign direct investment received by Sobha, the official said the overall cost of the project will be known later.