Embassy Group receives Rs 725 crore from KKR for Bengaluru project
Global investment firm KKR’s real estate-focused non-bank finance company, KKR India Asset Finance Limited (KIAFL), announced that it has extended Rs 725 crore to Embassy Group in order to finance a premium office development in Bengaluru.
Embassy Group, promoted by Jitu Virwani in the year 1993, is one of the leading real estate developers in India with a strong presence in the commercial office space sector, across key Indian markets. Based in Bengaluru, the group has delivered 53 million sq-ft of office, residential, retail, hospitality and industrial warehouses. Embassy is strongly committed to giving back to society in the field of education and empowering communities. It has adopted 17 government schools, operates the Stonehill International School, and the state-of-the-art Embassy International Riding School.
KIAFL has been active since 2015 and has invested more than $1.5 billion in India’s realty sector, as of February 2019. It maintains a core focus on high-quality opportunities in cities including Bengaluru, Hyderabad, Mumbai and Pune.
Sanjay Nayar, member & head of KKR India, said, “KIAFL looks to provide tailored, flexible financing solutions to high-quality projects in strong micro markets. With this in mind, mid-market residential and commercial projects in Bengaluru are among the most interesting themes for us. Embassy Group is a leader in this space, and we are excited to support the Embassy team to meet the growing demand for quality office space in the city.”
Virwani added, “Embassy is focused on meeting the high demand for commercial office space in the country. Attracting the support of a global investor of KKR’s caliber further advances Embassy’s efforts to develop high-quality properties for corporate occupiers. We look forward to a long-term association with the KKR team.”