Green Lanka Property Developer (Pvt) Ltd (GLPL), owner of Green Lanka Towers and an established presence in Sri Lanka’s commercial real estate sector for more than three decades, is entering a new phase of growth following a strategic restructuring of its equity base and the strengthening of its flagship property.
The company has completed capital optimization measures that have resulted in 100% unencumbered equity ownership of Green Lanka Towers on Nawam Mawatha, Colombo 02, providing GLPL with a stronger financial platform as it evaluates new investment opportunities, portfolio expansion and potential fresh capital.
Managing Director Raju Radha said the company is exploring a range of growth opportunities, including the possibility of raising new capital through a strategic investment partnership with long-term business associate Dato Sri Vijay Eswaran.
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“Real estate is no longer simply about bricks, buildings and locations. It is about understanding what businesses need to become more successful and creating environments that support that ambition,” Radha said.
He said GLPL’s three-decade journey had provided the company with experience across property, shipping, business and relationship management, which would support its next stage of development.
Exploring a Strategic Partnership
Radha said he was looking forward to exploring the possibility of raising fresh capital with Eswaran, whom he described as a business partner of more than 25 years.
According to Radha, Eswaran has maintained a strong long-term interest in Sri Lanka and has continued to believe in the country’s potential despite investing during some of its most challenging periods.
“His connection to Sri Lanka and his origins in the country have shaped a deep conviction in its long-term potential,” Radha said.
Radha also highlighted Eswaran’s international business experience, noting that his business interests extend across numerous countries and markets.
He said such international exposure could potentially bring a broader perspective to capital formation and commercial expansion, particularly as Sri Lanka’s investment and property markets continue to develop.
“What characterizes him best is that he has remained faithful to his convictions and persevered with what he started,” Radha said.
He added that Eswaran had recognized the long-term potential of Sri Lanka well before the end of the country’s civil conflict and believes that conviction remains particularly relevant as the economy enters a new phase of transformation.
Stronger Balance Sheet Creates Room for Expansion
The restructuring of GLPL’s equity position in Green Lanka Towers gives the company greater flexibility to pursue its next phase of growth.
With the flagship property now fully unencumbered, management is focusing on facility modernization, asset optimization and customized commercial real estate solutions for institutional and corporate occupiers.
The company is also assessing opportunities for secondary developments, new investments and strategic acquisitions that could expand its property portfolio.
A potential capital-raising exercise would provide GLPL with additional financial capacity to pursue these opportunities while strengthening its existing assets.
Green Lanka Towers Attracts New Institutional Tenants
GLPL has also strengthened its tenant portfolio at Green Lanka Towers, recently welcoming NDB Bank and an offshore business process outsourcing (BPO) company serving the expanding Colombo Port City economic zone.
The addition of established institutional and corporate tenants reflects changing requirements in Colombo’s commercial property market, where businesses are increasingly placing greater emphasis on landlord stability, modern infrastructure, accessibility and the overall quality of the working environment.
“For GLPL, the opportunity is to combine a strong and unencumbered asset base with fresh capital, strategic relationships and a clear understanding of what modern corporate occupiers require,” Radha said.
He added that the arrival of NDB Bank and the Port City-focused BPO operation was an encouraging indication of the direction in which the company is moving.
Positioning for Colombo’s Next Commercial Property Cycle
GLPL is positioning Green Lanka Towers and its broader property platform to benefit from rising demand across Colombo’s key business corridors, particularly as new investment zones and the Colombo Port City economic zone reshape the capital’s commercial landscape.
The company intends to focus on upgrading existing facilities, exploring additional development opportunities and evaluating strategic acquisitions while continuing to strengthen its institutional tenant base.
The potential capital-raising initiative forms part of GLPL’s broader strategy to transform its established Colombo property platform into a more dynamic growth vehicle.
By combining an unencumbered flagship asset, established corporate relationships, potential new capital and strategic international partnerships, GLPL aims to participate more actively in Sri Lanka’s next cycle of commercial real estate and economic expansion.
