Update: Blackstone Acquires Embassy Property's Office Portfolio
Blackstone has acquired 50% stake in Embassy Property Developments - owned portfolio of three business parks for $200 Mn, according to ET.
Blackstone has bought stake in an SPV comprising three commercial properties totaling over 10 Mn sq ft - Embassy Golf link and Manyata Embassy Business Park in Bangalore and Embassy Tech Zone in Pune.
Embassy Golf link is a 5 Mn sq ft, or 65-acre, Business park while Manyata Embassy Business Park is a 100-acre integrated mixed-use development Business Park, which has a developable area of 18.29 Mn sq ft. Embassy TechZone in Pune is spread over 70 acre with 52 acre designated for a special economic zone.
Some of Embassy's big tenants at its commercial properties in Bangalore and Pune include IBM, Capgemini, Mercedes Benz, Atos Origin and Accenture.
Blackstone and Embassy will jointly control and manage the entity in which the fund has invested.
As per the transaction, Blackstone will get CCDs of Pune Dynasty Projects (PDP), which is currently into the development of the non-SEZ part of Embassy TechZone in Pune.
Once converted, Blackstone will hold 50% stake in the SPV. Additionally, Embassy, which owns 51% stake in PDP, will acquire 49% from Alta Vista, a Mauritius-based financial institution, making it a subsidiary of Embassy Property Developments (EPD).
Post this acquisition, EPD will transfer its shareholding of 35.77%, 51.01% and 48.75% in the three SPVs in Pune and Bangalore that are developing business parks along with some other assets in the form of advance paid for the purchase of land and for acquiring joint development rights to PDP.
Embassy Group has also raised R135 Cr funding in SPV from Blackstone to develop residential-cum-retail on the 14-acre land parcel in Hebbal, Bangalore
Embassy has developed nearly 29 Mn sq ft with a high degree of focus on business parks. The company is also increasing its presence in the residential segment and has eight residential projects totaling 10.56 Mn sq ft under construction. The company has a total land bank of 1,300 acre in Bangalore.
Blackstone was planning to exit its four year old investment in Synergy Property Development Services.
Recently, HDFC Portfolio Management Services sold its 50% stake in Mulund Projects – Runwal Greens to Runwal Group for R250 Cr.
L&T Infocity was planning to exit from Hitex Exhibition Center in Hyderabad in order to focus on core activities.
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|2012-10-18||Embassy Property Developments - Office Portfolio - Blackstone||Private Equity||
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|Blackstone Group|| IT/ITES/Technology
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|www.blackstone.com||Mathew CyriacRichard SaldanhaAMIT JAIN|
|Embassy Property Developments Limited||JV Holding Private Limited||Embassy Point, 1st Floor, 150, Infantry Road.||
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|1||October 20, 2012
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- Posted by Proptiger
|2||October 19, 2012
the real asset
- Posted by Bangalore Property Updates
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