Realty deals worth Rs.1,500 crore closed
Embassy Group and Sobha Developers shelled out over Rs. 1,500 in what can be termed as one of the biggest real estate deals in the country. Embassy Group and its joint venture partner, private equity firm Blackstone, acquired 60 per cent stake in a 106-acre business park for Rs. 1,200 crore. Sobha Developers shelled out Rs. 327 crore for 50% stake in Puravankara’s property in Kerala. Embassy Tech Village, is spread over 106 acres on the Outer Ring Road in Bangalore. It is planned as an integrated project with commercial components as well as retail and residential spaces.
Jitu Virwani, Chairman and Managing Director of the Embassy Group informs that Embassy Park would have over 20 million sq ft of commercial real estate space. The park will have 150,000 across four business parks and will house a lot of blue chip MNC companies, informs Virwani.
Mike Holland, Chief Executive Officer, Embassy Office Parks adds that the group will construct office suites for potential clients.
Source: Hindu Business Line
Bangalore, Blackstone, Embassy Group, Infrastructure, MNC, Sobha, virwani
