Indian real estate company Embassy Group and Canada-based real estate investment firm Ivanhoé Cambridge have launched a commercial real estate investment platform focused on office business parks in campus based and mixed use environments in India.
The Embassy Group will lead all real estate development, project management, leasing and operations, while Ivanhoé Cambridge will leverage their expertise in investment.
The platform plans to invest in develop-to-core and acquisition of partially developed business park opportunities to cater to the preferences of the millennial workforce in providing flexible workplaces and building sustainable communities across key Indian urban centres.
The platform will have an investment capacity of US$ 500 million with Ivanhoé Cambridge and Embassy investing in an 80:20 ratio, with an initial focus on the Southern Indian markets of Bengaluru & Chennai. The concept aims at meeting the demand in the expansion of Global Capability Centres and Research and Development Campuses.
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The seed asset for the platform will be the first phase of the 60-acre Embassy East Business Park located in Whitefield Main Road in Bengaluru.
“This new venture with Embassy will allow us to reinforce our presence in India, a key country in our diversification strategy in Asia”, commented Karim Habra, Head of Europe & Asia-pacific at Ivanhoé Cambridge.
“Over the last couple of decades, several global corporations have acknowledged India as a scalable global innovation hub catalyzed by a deep, world-class talent pool. We anticipate this trend to accelerate thus supporting long term demand for sustainable, class A offices in mixed use campus environments,” he added.
“This partnership of Embassy Group and Ivanhoé Cambridge is a strategic step towards transforming the commercial real estate landscape in India. Through the Embassy-Ivanhoe commercial office platform, we aspire to develop state-of-the-art business parks in India. We aim to continue delivering a differentiated and holistic workspace ecosystem by integrating concepts like co-living and co-working, expansive office spaces, and easy to access amenities. We are happy to launch the first phase of the Embassy East Business Park, to kick off this strategic alliance with Ivanhoe Cambridge and look forward to a mutually rewarding relationship,” said Jitu Virwani, Chairman and Managing Director, Embassy Group.