Embassy Office Parks, an Indian private owner & operator of business parks has acquired a controlling stake in Vrindavan Tech Village with a valuation of INR1951 crores in Bangalore, making it one of the largest commercial real estate transactions in the country.
Embassy Office Parks is an equally owned joint venture between Bangalore based Embassy Group and Blackstone Group.
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After the acquisition, the park has been renamed as Embassy TechVillage. It is located at the heart of Bangalore’s IT corridor on the Outer Ring Road, and is a 106-acre development.
Embassy Group chairman and managing director Jitendra Virwani 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."
Spread over more than 20m sq ft of commercial space, the Embassy Office Parks also include Embassy Golf Links at Domlur, Embassy Manyata Business Park at Hebbal, as well as Embassy TechZone at Pune.
Redwoods Projects was the sole transaction advisor for this deal.
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By GlobalData
