Vrindavan Tech Village is now Embassy TechVillage ~ Embassy Office Parks reinforces its position as a leading Private Commercial Business Parks developer in India ~
Bangalore, India – May 2, 2014: Embassy Office Parks today announced that it has completed the acquisition of Vrindavan Tech Village (VTV), consolidating its position as a leading private owner & operator of Business Parks in India. The park has been renamed as Embassy TechVillage. Embassy Office Parks is an equally owned joint venture between Bangalore based Embassy Group, India’s leading commercial property developer and funds managed by The Blackstone Group L.P. (“Blackstone”).
Embassy Tech Village is a 106 acre development and is strategically located at the heart of Bangalore’s IT corridor, on the Outer Ring Road. Embassy Office Parks has acquired the controlling stake in Embassy TechVillage with a valuation of INR 1951 crores. This deal is pegged as one of the largest commercial real estate transactions in India.
Commenting on the acquisition, Jitendra Virwani, Chairman and Managing Director, Embassy Group, said, “Blackstone and Embassy came together with a common vision to create world class office spaces and enable business communities to drive greater efficiency and growth. This set the tone to creating Embassy Office Parks which, post the Embassy TechVillage acquisition, will boast of over 20 million sq ft of commercial real estate space. We now have over 150,000 park users across 4 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, stated, “Embassy TechVillage perfectly complements our existing business parks at Bangalore - Embassy Golf Links and Embassy Manyata Business Park - allowing Embassy Office Parks to offer a range of premises options across strategic business locations in Bangalore. Embassy TechVillage is planned as an integrated project with commercial components as well as retail and residential spaces. It has a potential built-up-office 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 & non-SEZ to help them optimize their costs and derive better value.”
Tuhin Parikh, Senior Managing Director, Blackstone Real Estate Group, said “We are delighted to partner with the Embassy Group and co-lead the aspiration of creating, owning and managing some of the finest business parks in India. The acquisition of Embassy TechVillage is a significant milestone in strengthening our Embassy Office Parks portfolio and expanding our footprint across the country.”
Comprising more than 20 million sq. feet of commercial space, the Embassy Office Parks portfolio includes business parks in Bangalore such as Embassy Golf Links at Domlur, Embassy Manyata Business Park at Hebbal, as well as Embassy TechZone at Pune. With over 100 clients, and several of the Fortune 500 companies situated at these parks, Embassy Office Parks is a pioneer in the leasing model for commercial space as well as developing integrated office parks across the country.
Redwoods Projects was the sole transaction advisor for this deal.
About Embassy Group
Embassy Group is one of the leading property developers in India with a track record of over 28 years in real estate development. Embassy has an extensive land bank across the country and has developed over 35 million sq ft of prime commercial, residential and retail space in India as well as Malaysia and Serbia. Embassy’s portfolio of real estate developments spans the commercial, residential, retail and hospitality segments of the real estate industry. While the commercial real estate business includes the development of business parks for the IT/ITeS sector, SEZs and corporate office space. Embassy’s ongoing residential projects include luxury apartments, villas and integrated townships. Embassy’s residential projects are also designed to obtain IGBC Green Homes gold ratings as part of the efforts towards creating sustainable developments.
Blackstone is one of the world’s leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our asset management businesses include investment vehicles focused on private equity, real estate, hedge fund solutions, non-investment grade credit, secondary funds, and multi asset class exposures falling outside of other funds’ mandates. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services.
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IPAN Hill+Knowlton Strategies