Business

Embassy REIT in deal worth Rs 9,782 crore to buy assets

Embassy REIT on Tuesday announced that it has agreed to purchase the assets of Embassy TechVillage from affiliates of Embassy Sponsor, Blackstone Sponsor and other selling shareholders for a total consideration of Rs 9,782.4 crore ($1.3 billion).

migrator

Updated:18th Nov, 2020 at 1:44 AM

Bengaluru

The acquisition is subject to approvals by unit-holders and other regulatory approval.

Embassy REIT said the acquisition comprises 6.1 million square feet of completed area, 3.1 million square feet of under-construction area, of which 36 per cent is pre-leased to JP Morgan, and two proposed 518-keys Hilton hotels within the overall ETV campus. Embassy REIT is exercising its right under the ROFO agreement to acquire the asset.

Visit news.dtnext.in to explore our interactive epaper!

Download the DT Next app for more exciting features!

Click here for iOS

Click here for Android

Embassy REIT in deal worth Rs 9,782 crore to buy assets

Embassy REIT on Tuesday announced that it has agreed to purchase the assets of Embassy TechVillage from affiliates of Embassy Sponsor, Blackstone Sponsor and other selling shareholders for a total consideration of Rs 9,782.4 crore ($1.3 billion).

Also Read

NEET-UG: Punjab's Aryan Gupta, Haryana’s Panshul Bansal emerge topper; 11.21 lakh candidates qualify

Thoppur Ghat realignment on National Highway 44 gathers pace

Tamil Nadu targets 15 Olympic medals by 2036: Minister Aadhav Arjuna

Coimbatore: Consumer forum urges CM Vijay to enforce road re-laying rules

Centre reviews strategic defence facilities nearing completion in TN