India’s Embassy Office Parks REIT (Embassy REIT) has completed the acquisition of Embassy TechVillage assets (ETV), an office park in Bengaluru, from the Embassy Sponsor, members of the Blackstone group and other selling shareholders for ₹97,824 million ($1.3 billion).
Embassy REIT had previously announced this proposed acquisition on November 17, 2020. Embassy REIT said this transaction marks the first large-scale acquisition by a REIT in India.
“We are delighted to announce the completion of the Embassy TechVillage acquisition. ETV is a unique large-scale business park with a marquee multinational occupier base that is located in one of India’s best-performing office sub-markets,” said Mike Holland, Chief Executive Officer of Embassy REIT.
The ETV acquisition comprises c.6.1 million square feet (msf) of completed area, c.3.1 msf of under-construction area, of which 36% is pre-leased to JP Morgan, and two proposed 518-keys Hilton hotels within the overall ETV campus.
”With this acquisition, Embassy REIT’s leasable area grows 28% to 42.4 msf,” said Embassy REIT in a statement.