Embassy Grp, Canadian Ivanhoe Cambridge to set up Rs 3,500 cr fund for commercial properties
New Delhi: Bengaluru-based realty player Embassy Grp will set up a Rs 3,500 crore fund in partnership with Canadian fund Ivanhoe Cambridge for development of commercial properties.
The fund will primarily hep develop premium office spaces. As per the deal signed between Ivanhoe Cambridge and Embassy Grp, the former will put in about Rs 2,800 crore (USD 400 million) and the latter will invest around RS 700 crore (USD 100 million) in the fund, according to a statement by Embassy.
Embassy Grp will be responsible for all the development, operations, project management and leasing activities of the commercial properties so developed, while Ivanhoe will leverage its expertise in the investment field.
The initial focus will be on Southern Indian real estate markets of Bengaluru and Chennai. The platform will put in money for ‘develop-to-core’ and even acquisition of partially built business parks.