Embassy Group in talks with JP Morgan to raise fund
Embassy property developments, a Bangalore based real estate company, is in talks with JP Morgan, a financial service group, to raise Rs 500 crore for two projects in the city.
Embassy Group is planning to come up with a premium villa project and an IT-cum-residential development on Bellary Road.
Recently, Embassy group had settled India’s biggest commercial-real estate transaction with one of the private equity firm. Embassy is going to built 1,100 units ranging from Rs 1.4 crore to Rs 2 crore in its villa project on Bellary Road, where it is also coming up with an IT-cum-residential development spread over 20 million sq ft.
A private equity firm pumped in Rs 135 crore to develop a residential-cum-retail project on a 14-acre plot in Hebbal and Rs 540 crore in Manyata Embassy Business Park. Mainly due to greater percentage of end-users, Bangalore has left behind bigger realty markets such as Mumbai and Delhi.
Bangalore city is considered least speculative and risky among the metros, with real job growth and a larger spread of good developers. From 2005, JP Morgan has been investing in the Indian real estate. One of the person said that JP Morgan is going to invest in Embassy through its own propriety book.
Embassy has eight residential projects totalling 10.56 million sq ft and 63 commercial properties with a developable area of 36.95 million sq ft under development. It has so far developed close to 25 million sq ft, focusing mostly on business parks.
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