Em­bassy Of­fice Parks ac­quires Vrin­da­van Tech Vil­lage for Rs. 1951 crore

Accommodation Times - - .. Nation.. -

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-up­of­fice 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.

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