Embassy, Sobha strike real estate deals worth Rs 1500 cr
Two substantial real estate deals have recently been struck by Bangalore-based firms Embassy Group and Sobha Developers. The deals – for which the two companies have shelled out more than ₹1,500 crore altogether – will give Embassy Group a major stake in a business park, and Sobha Developers a substantial stake in a residential project.
Specifically speaking, Embassy Group – and its joint venture partner Blackstone private equity firm – has paid ₹1,200 crore to acquire a 60 percent stake in a sprawling 106-acre business park Vrindavan Tech Village, which has now been renamed Embassy Tech Village. The business park is located on the Outer Ring Road in Bangalore.
Meanwhile, Sobha Developers has acquired a 50 percent stake in a Kerela project – the Puravankara residential property – for approximately ₹327 crore. According to Bombay Stock Exchange, Sobha Developers has already paid ₹161.5 crore to Puravankara; and will pay the remaining amount within nine months from the date of receipt of the approved plan.
Source: The Hindu BusinessLine
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