Embassy REIT to acquire ETV for Rs 9,782.4 crore
In the largest single property commercial deal in the country, Embassy REIT on Tuesday said it has agreed to acquire business park Embassy TechVillage (ETV) in Bangalore for Rs 9,782.4 crore.
Embassy REIT is India’s first publicly listed REIT (Real Estate Investment Trust) sponsored by Blackstone and Embassy group. It got listed on the stock exchanges last year.
Embassy REIT would acquire the business park from Embassy group, Blackstone and some other investors. This deal would make Embassy REIT one of the largest REITs in Asia in terms of office space.
The buyout comprises 6.1 million sq ft of completed office space, 3.1 million sq ft of under-construction area and two proposed 518-keys Hilton hotels in the Embassy Tech Village campus.