Em­bassy Par­tially Ac­quires SEZ Project from SNP In­fra in Chen­nai

The Economic Times - - Companies: Pursuit Of Profit -

Em­bassy Group has par­tially ac­quired a stalled SEZ (spe­cial eco­nomic zone) project in Chen­nai from SNP In­fras­truc­ture for an undis­closed amount, two peo­ple aware of the devel­op­ment said, re­ports So­bia Khan.

The 26-acre prop­erty on Tho­raipakkam-Pallavaram road is close to the air­port. Land on Pallavaram road costs about .₹ 20 crore per acre.

“The SEZ project was shelved in 2008 by SNP due to bad mar­ket con­di­tion. It will be par­tial buy­out and par­tial joint devel­op­ment,” the peo­ple cited ear­lier said.

Mike Hol­land, CEO of Em­bassy Of­fice Parks — a joint ven­ture be­tween Black­sto-


ne and Em­bassy Group — re­fused to com­ment on the mat­ter. “The struc­ture is ready and Em­bassy will soon start construction,” said one of the per­sons quoted ear­lier.

While Em­bassy will build of­fice prop­erty over 4 mil­lion sq ft, the re­main­ing will be used for in­te­grated devel­op­ment com­pris­ing res­i­den­tial and re­tail com­po­nents.

In the re­cent past, Chen­nai has seen a spurt in land trans­ac­tions, with a ma­jor­ity of in­vest­ments com­ing in of­fice as­sets. The big­gest deal dur­ing this pe­riod in­volved Canada Pen­sion Plan In­vest­ment Board and Shapoorji Pal­lonji Group’s joint ven­ture com­pany SPREP ac­quir­ing SP In­foc­ity IT Park in Chen­nai for $220 mil­lion (or .₹ 1,460 crore).

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