Embassy REIT completely acquires Embassy TechVillage for Rs 9,700 cr
New Delhi: Embassy Office Parks REIT has now consummated the acquisition of IT park Embassy TechVillage in Bengaluru for about Rs 9,700 crore (USD1.3 billion). The asset has been acquired from members of Blackstone Grp, Embassy sponsor and other selling shareholders.
With this, Embassy REIT's leasable space has grown 28 percent to 42.4 million square feet. The deal involved acquisition of 6.1 million square feet of completed space and under-construction area of 3.1 million square feet. Out of this, 36 percent is pre leased to JP Morgan. There are two Hilton hotels also prososed in the premises of 518 keys, Embassy REIT said in a statement.
Embassy REIT had announced the proposed acquisition of the IT park on 17 November. Later, on 22 December, it announced it has raised about Rs 3,600 crore (USD 501 million) through Institutional Placement of units.