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Embassy REIT announces $1.3b acquisition
Embassy REIT, India’s first publicly listed REIT, has agreed to purchase Embassy TechVillage (ETV) assets from affiliates of Embassy Sponsor, Blackstone Sponsor and other selling shareholders for a total consideration of Rs 97,824 million ($1.3 billion).
The acquisition comprises 6.1 million square feet of completed area, 3.1 million square feet of under-construction area, of which 36 percent is pre-leased to JP Morgan, and two proposed 518-key Hilton hotels within the overall ETV campus. Embassy REIT is exercising its right under the ROFO agreement to acquire the asset.
Mike Holland, CEO of Embassy REIT, said, “The proposed accretive acquisition of Embassy TechVillage will mark the addition of another trophy asset to our existing office portfolio, while reinforcing our stable cash flows. ETV is a unique large-scale business park, in the leading Outer Ring Road submarket of Bengaluru, with a diversified blue-chip and predominantly multinational occupier base, inclu