By Accommodation Times News Services
Embassy Office Parks has completed the acquisition of Vrindavan Tech Village (VTV) with a valuation of Rs 1951 crore in one of the largest commercial real estate transactions in India. Following the acquisition of controlling stake in Embassy Tech Village the park has been renamed as Embassy TechVillage.
Embassy Office Parks is an equally owned joint venture between Bangalore based commercial property developer Embassy Group and U.S. based private equity major Blackstone Group.
Embassy Tech Village is a 106 acre development located in Bangalore’s IT corridor in Outer Ring Road.
Jitendra Virwani, Chairman and Managing Director, Embassy Group said: “We now have over 1.5 lakh park users across four business parks and enjoy strong and robust tenant relationships with over 100 blue chip, MNC and Indian companies in the portfolio.”
Michael Holland, Chief Executive Officer, Embassy Office Parks, said: “Embassy TechVillage perfectly complements our existing business parks at Bangalore allowing it to offer a range of premises options across strategic business locations in Bangalore. It is planned as an integrated project with commercial components as well as retail and residential spaces.”
“It has a potential built-up-office area in excess of 15 million sq ft, with 1.9 million sq ft already completed. We will also be constructing build-to-suite office spaces for a number of our potential clients, both SEZ and non-SEZ to help them optimize their costs and derive better value,” he added.
Tuhin Parikh, Senior Managing Director, Blackstone Real Estate Group, said: “The acquisition of Embassy TechVillage is a significant milestone in strengthening our Embassy Office Parks portfolio and expanding our footprint across the country.” Redwoods Projects was the sole transaction advisor for this deal.