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Embassy, Blackstone JV buys VTV for Rs 1,200 crore Date : May 4, 2014
BANGALORE: Embassy Office Parks has formally announced the acquisition of the 106-acre Vrindavan Tech Village (VTV) in Bangalore and has renamed the property Embassy TechVillage. This deal was first reported by TOI in December 2012.
The project, which has 1.9 million sq ft of leased office space, carries an enterprise valuation of Rs 1,951 crore. The transaction is one of the largest commercial real estate deals in India in recent times. Redwoods Projects was the transaction advisor for this deal.
With this, Embassy Office Parks has 20 million sq ft of developed and leased commercial real estate spread across four tech parks and earns approximately Rs 700 crore in rental income annually. "The idea is to take the company to Rs 1,000 crore in revenue before we look at a Reit (real estate investment trusts) listing," said Jitu Virwani, CMD, Embassy Group. While the Indian government has prepared a draft Reit framework, there are certain tax issues among others that are holding up its formal roll out. Embassy Office Parks has a potential to further develop an additional 15 million sq ft of office space from its current portfolio, of which work on 3 million sq ft would commence in the next six months. "The acquisition of Embassy TechVillage is a significant milestone in strengthening our Embassy Office Parks portfolio and expanding our footprint across the country," said Tuhin Parikh, senior MD, Blackstone Real Estate Group. |
  
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