Renuka Towers, Rs. 3.2 bn, project begins

Renuka Holdings PLC in a stock exchange filing said yesterday that a sub-subsidiary of the company Galle Face Properties Ltd began construction of the ‘Renuka Tower’ in Colombo 3.

Renuka Tower is 32 level mixed development projects consisting of A-grade premium office space, office amenities, service suites, recreational areas and ample parking located between Beira Lake and Galle Face Green in Colombo 3.

The project will be funded by equity and debt. The equity investment in the subsidiary will be in excess of Rs 3.2 billion. A portion of the equity will be funded by a prospective overseas investor at a future date, S.S.W. Senanayake, Director, Renuka Enterprises (Pvt) Ltd (Secretaries) said in the stock market statement.