Blackstone JV buys stake in Bangalore office park
A 50-50 joint venture between The Blackstone Group and Embassy Group, known as Embassy Office Parks, has acquired a 60 percent partial interest in a 106-acre business park in Bangalore, India. The seller of Vrindavan Tech Village was Assetz, which developed the business campus in 2008.
The sales price values the property at $331.8 million, or $158 per square foot. It has been renamed Embassy Tech Village. Tenants include Sony, Cisco Systems, Nokia and Talisma.
Embassy Tech Village 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 square feet with 1.9 million square feet completed.
It marks the first acquisition of the joint venture, which formed at the end