S&R Associates represented Embassy REIT in the acquisition of Embassy Business Hub
S&R Associates represented Embassy REIT in the acquisition of Embassy Business Hub
S&R Associates represented Embassy Office Parks REIT (“Embassy REIT”), India’s first listed real estate investment trust, and its manager, Embassy Office Parks Management Services, in the acquisition of Embassy Business Hub, an integrated business park in Bengaluru expected to comprise 2.1 million sq. ft. of leasable area upon completion along with the associated business of common area maintenance services and common infrastructure services for an aggregate enterprise value of Rs. 3,348 million.
Embassy REIT will acquire the rights, title and interest of Sellers in Embassy Construction Private Limited (“ECPL”), the developer of Embassy Business Hub, Bengaluru, consisting of ECPL’s entitlement to exclusive ownership rights over approximately 1.4 million sq. ft. of leasable area out of the 2.1 million sq. ft., including the right to provide common area maintenance services and common infrastructure services (such acquisition, the “Proposed Acquisition”).
Embassy REIT will acquire the entire paid up share capital of ECPL from the Sellers, i.e., JV Holding Private Limited (“JVHPL”, an affiliate of Embassy Property Developments Private Limited or “EPDPL”) and another shareholder of the Embassy group, for an enterprise value of ₹3,348 million subject to adjustments in relation to net debt, working capital and other customary adjustments as agreed among the parties.
The acquisition was completed through the purchase of equity shares of Embassy Construction (the developer of Embassy Business Hub) by Embassy REIT from certain affiliates of Embassy Property Developments, a sponsor of Embassy REIT.
The S&R team was led by partners Sandip Bhagat, Shivaji Bhattacharya and Pratichi Mishra, Counsel Prateek Sharma, and included Associates Neethu Roy, Rishabh Jain, Nikhitha Tadigoppula and Ananya Mittal.
