The Top 50 Real State & Infra Company- RANK 24, Embassy Group, Jitu Virwani, CMD
India’s much-awaited maiden real estate investment trust (REIT) is set to debut almost four years after the rules were notified and efforts by the government over the past few years to put in place regulations on par with global standards. Embassy Office Parks, a joint venture of US PE firm Blackstone Group and Embassy Group, is to file documents with the Sebi, proposing to raise over Rs 5,000 crore through this route. Apart from being India’s first, the Blackstone-Embassy REIT will be Asia’s largest in terms of office portfolio area, more than twice the size of others in the continent.
In another move, the firm will invest Rs 1,350 crore to develop four new hotels in Bengaluru as part of its expansion plan in hospitality business. It has already roped in global hospitality major Hilton to manage these hotels.
Embassy Group has signed a long-term lease deal with JP Morgan for premium commercial office space at Embassy TechVillage, Bengaluru.
Embassy Group will invest Rs 1,350 crore to develop four new hotels in Bengaluru as part of its expansion plan in hospitality business.