S&R Associates represent Embassy Office Parks REIT in acquiring Embassy TechVillage
S&R Associates represented the Embassy Office Parks REIT, India's first listed real estate investment trust, and its manager
S&R Associates represent Embassy Office Parks REIT in acquiring Embassy Tech Village S&R Associates represented the Embassy Office Parks REIT, India's first listed real estate investment trust, and its manager, Embassy Office Parks Management Services Private Limited, in the acquisition of approximately 84.05 acres in Embassy Tech Village, an office park located in Bengaluru along...
S&R Associates represent Embassy Office Parks REIT in acquiring Embassy Tech Village
S&R Associates represented the Embassy Office Parks REIT, India's first listed real estate investment trust, and its manager, Embassy Office Parks Management Services Private Limited, in the acquisition of approximately 84.05 acres in Embassy Tech Village, an office park located in Bengaluru along with the associated business of common area maintenance services for an aggregate enterprise value of Rs. 97,824 million (U.S.$1.3 billion).
Embassy Tech Village is a 9.2 msf integrated office park located on Outer Ring Road Bengaluru, India's best-performing office sub-market.
The acquisition was completed through the purchase of equity shares by the Embassy Office Parks REIT from the Embassy sponsor, the Blackstone sponsor group and third party shareholders for a combination of cash and issuance of units. This is the first large-scale acquisition by a listed REIT in India.
In a stock exchange announcement by Embassy REIT, Mike Holland, Chief Executive Officer of Embassy REIT said, "We are delighted to announce the completion of the Embassy Tech Village acquisition. ETV is a unique large-scale business park with a marquee multinational occupier base that is located in one of India's best-performing office sub-markets. Our ability to raise the unit capital required to fund the acquisition amidst market uncertainties and the ongoing pandemic is a testament to the confidence that investors place in our business model and our team's execution capabilities. This acquisition is consistent with our growth strategy of driving incremental value to Unitholders by integrating high-quality assets which are complementary to our existing portfolio. We expect to continue pursuing strategic and accretive growth opportunities in the market."
The S&R team was led by partners Sandip Bhagat, Radhika Iyer and Shivaji Bhattacharya, and included associates Prateek Sharma, Tarinee Sudan, Pratichi Mishra, Rachita R. Bhat, Anugya Sahai, Sushmita Sur, Neethu Roy, Apoorv Chaturvedi, Shwetank Sharma, Sonal Bhargava and Somya Jena.