Tag Archives: Embassy Group

Embassy Group sells most expensive home in South India

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News Point: Single Level Unit Four Seasons Private Residence at Embassy ONE Bengaluru sold at INR 50 crores. 

EmbassyONE, Embassy Group, Four Seasons Residence, Bangalore luxury property, Costliest property in South India, Costliest property in Bangalore, India real estate news, Indian realty news, Real estate news India, Indian property market, Track2Media Research, Track2RealtyLuxury living has a new price tag in Bengaluru, with Embassy Group closing the sale of one of its iconic branded Private Residences, at its flagship luxury integrated development – Embassy ONE.

The 30th-floor single level unit of the new Four Seasons Private Residences at Embassy ONE has been sold for a record-breaking INR 50 crores, the highest price ever fetched for a branded residence in South India.

The buyer who spends a considerable amount of time overseas has chosen to remain anonymous and Embassy Group, as part of their buyer’s confidentiality privacy policy, would not be disclosing the name.

Located at the gateway to North Bengaluru, the sale of this spectacular 16,000 sft 30th floor residence is now on par with prices in the ultra-luxury market segments in Mumbai and NCR.

Reeza Sebastian, Senior Vice President, Residential Business, Embassy Group said, “We are elated to have sold Bengaluru’s most expensive residential property. Luxury homeowners are more specific about the legacy of brands, quality of construction, the promise of delivery and re-assurance of continued impeccable levels of service. The Embassy Group, Four Seasons Hotels and Resorts and Blackstone being leaders in their own spaces, have recognized these aspirations of residential homebuyers and partnered to create this coalescence of 109 iconic homes that are among the most desirable in the city. Embassy ONE is the emergence of an elevated, integrated lifestyle.”

James Price, Vice President, Residential, Four Seasons Hotels and Resorts said, “The sale speaks of the value and benefits that Four Seasons brings as a brand, and is a vote of confidence in the project. We are excited to have partnered with the Embassy Group to create this remarkable lifestyle opportunity in one of the fastest growing cities in the world – Bengaluru”.

Bengaluru is among the top three cities to have witnessed unprecedented growth in demand for ultra-luxury homes in the last two years. The year-on-year growth of ultra-luxury homes in the city is at an all-time high and the estimated total value of ultra-luxury housing projects in various stages of construction in Bengaluru are valued at INR 6,000 crores. (source: JLL report)

Developed by Embassy Group, Embassy ONE houses lifestyle residences representing exquisite engineering, cutting-edge design and dedicated service matching international standards. India’s first Four Seasons Private Residences in Bengaluru, are a part of this marquee destination.

The community of private residence owners at Embassy ONE span across industries and countries and represent a niche lifestyle desired by many, but acquired by only those with a true penchant for world-class hospitality within the comforts of their curated luxury homes.

Embassy & Taurus form JV for SEZ in Trivandrum

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News Point: Embassy marks its foray into Kerala in joint venture with Boston-based Taurus Investment Holdings for developing SEZ.

Embassy Group, Embassy One, Embassy JV, Embassy SEZ, Embassy commercial real estate, Embassy in Kerala, Taurus Investment with Embassy Group, Track2Media Research, Track2Realty, India real estate news, Indianrealty news, Real estate news India, Indian property marketEmbassy through its entity Embassy Property Development Pvt Ltd, has entered into an agreement with Taurus Investment Holdings, a real estate private equity investment and development company headquartered out of Boston, Massachusetts, US to form a joint venture called Winterfell Realty Private Limited to develop an SEZ property in Trivandrum, Kerala.

This will be Embassy’s first project in the State and it will be known as Embassy Taurus World Technology Centre, Trivandrum. Embassy will have an equity commitment of 49% while Taurus Investment Holdings will hold the remaining 51%.

The partnership entails an economic interest of 50: 50 for both entities in the Joint venture. This partnership strengthens Embassy’s commercial office space portfolio and development of SEZs in key strategic locations.

Commenting on the formation of the Joint venture, Jitu Virwani, CMD, Embassy, said, “The establishment of SEZ in India has been envisaged as an important strategic tool to expedite the growth of international trade and services. We are committed to be a part of this significant growth, with our exclusive SEZ project developments across locations. Our partnership with Taurus Investment Holdings fosters this vision, and marks our foray into the state of Kerala.”

“Embassy Taurus World Technology Centre is strategically located and has tremendous potential, with well-known firms planning major developments in the region. The great synergy we share with Taurus Investment Holdings, will help us nurture a longstanding relationship with them,” he added.

Ajay Prasad, Country Managing Director, India, Taurus Investment Holdings LLC said, “Taurus has a legacy of more than four decades of successful investments across countries. Real estate is a focused play and we have been on the constant lookout for a suitable strategic partner for this venture. We are excited to begin a new chapter in our history in partnership with Embassy, which is a well-established developer in India with unmatched expertise in office development as well as a class- leading client portfolio. Together, Taurus and Embassy will develop a landmark project in a very exciting new market.”

Embassy Taurus World Technology Centre will be constructed within the existing Techno Park primarily on a 10-acre SEZ land parcel, as part of a mixed-use development spread across a total of 20 acres. The office component will encompass 2.3 mn sq feet i.e. 65% of the total area of the larger project, with the rest to be developed as retail and a hotel.

The 1st Phase of office development comprises of 1.4 mn sq feet office space, and is expected to be completed within 24- 30 months. The land parcel will be leased from Techno Park for a period of 90 years, with an additional renewal option of another 90 years.

The 2nd phase will be launched subsequently based on the leasing velocity, with a projected total completion period of 60 months. Brookfield Financial advised on the transaction.

Piramal Finance lends INR 1100 crore to Embassy Group

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News Point: Piramal Enterprises Limited through its subsidiary Piramal Finance Limited (PFL) has financed the Embassy Group for an amount of  INR 1100 crore.

Piramal Fund Management, Lodha Group, Private Equity in Indian real estate, PE Fund in real estate, India real estate news, Indian property news, NRI investment, Track2RealtyPiramal funding to Embassy Group has been done sequentially across both residential and commercial projects in Bangalore, Chennai and Hyderabad over a span of the last six months.

PFL first funded INR 360 crore towards Embassy Residences in Chennai – a premium residential project spread over 25 acres with 0.3 million sq. ft. of built up area. This has been followed up with an investment in Phoenix-Embassy which is a joint venture between Embassy and Phoenix Group of Hyderabad.

The JV is developing 1.5 million sq. ft. of grade-A commercial space in the financial district of Hyderabad with a potential to develop a further 4 million sq ft. Subsequently, PFL has provided INR 650 crore of growth capital to the Embassy Group in Bangalore.

Khushru Jijina, Managing Director, Piramal Finance Limited said, “We are pleased to have extended our relationship with the Embassy Group and look forward to a long and mutually beneficial association. I have always admired Jitu Virwani’s vision, track record and execution capabilities and we are happy to provide them with customized financial solutions as they scale up their presence across both residential and commercial. ”

Jitu Virwani, Chairman and Managing Director, Embassy Group said, “We are delighted to be working closely with a large diversified conglomerate like the Piramal Group who is known for their structuring capabilities and quick turnaround time. We look forward to leveraging their capabilities as we partner with them on our growth capital requirements going forward.”

The Embassy Group has already delivered 30 million sq. ft. of marquee commercial office space and 6 million sq. ft. of premium residential developments. The Group has a pipeline of 17 million sq. ft. of commercial developments across Bangalore, Hyderabad and Chennai.

Embassy Industrial Parks signs 1,910 crore MoU with Government of Haryana at Global Investors Summit 2016

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The project is intended to support the booming E-commerce as well as the retail and FMCG companies to consolidate in a post GST scenario.

Embassy Group, Warburg Pincus, Bangalore real estate, Bengaluru property, Haryana inviting real estate investments, Haryana Investor Summit, Track2RealtyEmbassy Industrial Parks, a joint venture between Embassy Group and Warburg Pincus signed an MoU with the Government of Haryana at the Happening Haryana Global Investors Summit 2016, for the development of 3 industrial parks around Gurgaon with a projected investment of Rs 1,910 crore and an employment potential of 4,000 people.

Anshul Singhal, Chief Executive Officer, Embassy Industrial Parks, said, “We are happy to see the proactive and professional approach of the Haryana government to help private companies like Embassy Industrial Parks, grow operations in the state of Haryana. Embassy Industrial Parks is confident of achieving its goals in the state with the support of the government. With this support, we promise to host world class infrastructure that will help both multinational and domestic companies’ set-up factory operations in the state.”

The proposed warehousing project will span the development of integrated Industrial and Logistics Parks with support facilities and also target industrial light manufacturing clients to set up build to suit manufacturing facility/ready built factories in these parks.

The project will be developed in the outskirts of Gurgaon, on NH-8 or within 10 – 15 kilometers from NH-8. The Government of Haryana will help Embassy Industrial Parks acquire this land and get approvals for the projects, apart from providing incentives to ensure their sustainability.

Though the warehousing sector has been largely unorganized and fragmented, the demand for modern warehouse infrastructure has seen a surge in recent times. Rapid growth of retail, manufacturing and related industry segments coupled with an influx of investment will only push this sector to new heights.