Browns Investment PLC, the strategic Investment Arm of Ishara Nanayakkara-controlled LOLC Group moves to invest in key leisure and tourism projects of Chinese-backed Colombo Port City (CPC) as it secured leasehold rights of another two key land plots in the CPC at a cost of $98 million.
Apart from the project Company, CHEC Port City Colombo (Pvt) which is a unit of China Communications Construction Company Limited (CCCC), forex-rich LOLC Group remains the sole property developer and investor in CPC so far. LOLC obtained leasehold rights for 74,412 square meters (2942.1 perches) of land in the CPC for three projects at a cost of $200 million.
Browns Investments through its subsidiaries (Colombo Marina Development Pvt Ltd and Marina Hotel Holdings Pvt Ltd) secured the 99-year leaseholder rights of 30,776 square meters and 13,006 square meter land plots allocated for Colombo Marina Development and Port City Marina Development by entering into Indentures of Leases on 2nd of December this year with the Colombo Port City Commission.
The Group last year announced plans to invest in Colombo International Financial Center of CPC with a land area of 30,630 square meters after securing leasehold rights of the plot for $102 million and it has paid $42 million of this amount up to date and the remaining is to be paid within this month.
Browns Investments has settled the total amount of $55 million Colombo Marina land plot. For Port City Marina Development, it has paid $17 million out of the full amount of $43 million and the balance is to be paid within the next two-year horizon.
Browns Investments didn’t reveal the estimated investments in these two projects.
obtained leasehold rights of two land plots in Chinese-backed Colombo Port City to develop Colombo Marina Development and Port City Marina Development projects