Embassy, Ivanhoe Launch $500 Million Real Estate Platform
<span style="font-weight: 400;">Embassy Group, a leading Indian real estate player, and Ivanhoé Cambridge, a global real estate industry leader and subsidiary of the </span><span style="font-weight: 400;">Caisse de dépôt et placement du Québec</span><span style="font-weight: 400;">, one of Canada's
Published -
Mar 4, 2021 5:25 AM
Embassy Group, a leading Indian real estate player, and Ivanhoé Cambridge, a global real estate industry leader and subsidiary of the Caisse de dépôt et placement du Québec, one of Canada's leading institutional fund managers, announced their partnership to launch an investment platform focused on office business parks in campus based and mixed use environments in India. The Embassy Group will lead all real estate development, project management, leasing and operations, while Ivanhoé Cambridge will leverage their expertise in investment. The platform will invest in develop-to-core and acquisition of partially developed business park opportunities to cater to the preferences of the millennial workforce in providing flexible workplaces and building sustainable communities across key Indian urban centres. The platform will have an investment capacity of c.US$ 500M with Ivanhoé Cambridge and Embassy investing in an 80:20 ratio, with an initial focus on the Southern Indian markets of Bengaluru & Chennai. The concept aims at meeting the demand in the expansion of Global Capability Centres and Research and Development Campuses. The seed asset for the platform will be the first phase of the 60-acre Embassy East Business Park located in Whitefield Main Road in Bengaluru. The first phase will be developed on a land parcel of 9 acres, with a gross leasable area of 1.3 Million Sq. ft. The upcoming Business Park boasts of a mixed-use community offering co-living, essential retail and amenities which will create a vibrant ‘work-live-play’ experience for the occupiers. With its prominent location in the growth corridor on the ITPL Main Road, the Business Park will have a direct commuter access to the upcoming ITPL metro station, connecting the park seamlessly to Bangalore’s CBD and will be complemented by accessibility to social infrastructure including a renowned list of educational institutes, hospitals and hotels. The first phase of the project is expected to be ready for occupancy by early 2024.
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