Embassy Group and Ivanhoe Cambridge Launch a Commercial Real Estate Investment and Development Platform Across India and Close First Flagship Project in Bengaluru

(Ed .: Disclaimer: The following press release is made available to you under an agreement with Business Wire India. PTI assumes no editorial responsibility for it.) Bengaluru, Karnataka, India – Business Wire India • The platform is funding the acquisition and development of a sustainable offices led industrial parks in major urban centers of India. • The platform will invest in sustainable business parks, supported by a deep and high-quality talent pool, and promoting India’s growth as an innovation center. • The platform will have an investment capacity of USD 500 million from the two partners. • The Embassy East Business Park is the platform’s first flagship project. The project covers 1.3 million square meters. ft. over 9 acres and is located in Whitefield, Bengaluru. The Embassy Group, a leading Indian real estate company, and Ivanhoé Cambridge, a leading global real estate company 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 office-focused investment platform -Business parks in campus and mixed-use environments in India. The Embassy Group will lead all property development, project management, leasing and operations, while Ivanhoé Cambridge will leverage its investment expertise. The platform will invest in the development of the core and the acquisition of partially developed business park opportunities to suit the preferences of the millennial workforce and create flexible workplaces and build sustainable communities in major urban centers of India. The platform will have an investment capacity of $ 500 million, with Ivanhoé Cambridge and Embassy investing 80:20 with an initial focus on the southern Indian markets of Bengaluru and Chennai. The concept aims to meet the demand for the expansion of Global Capability Centers and research and development campuses. The seed capital for the platform will be the first phase of the 60 acre Embassy East Business Park on Whitefield Main Road in Bengaluru. The first phase will be developed on a 9 hectare property with a gross rental area of ​​1.3 million square meters. ft. The upcoming business park has a mixed-use community that features coexistence, key retail stores, and amenities that provide residents with a vibrant work-live-play experience. With its prominent location in the growth corridor on ITPL Main Street, the Business Park will have direct commuter access to the upcoming ITPL subway station, which will seamlessly connect the park to the Bangalore business district and be complemented by access to social infrastructure including a prestigious list from educational institutions, hospitals and hotels. The first phase of the project is expected to be ready for occupancy in early 2024. “With this new project with the embassy, ​​we can strengthen our presence in India, a key country in our diversification strategy in Asia,” commented Karim Habra, Head of Europe & Asia-Pacific at Ivanhoé Cambridge. “Over the past few decades, several global companies have recognized India as a scalable global innovation hub catalyzed by a deep, world-class talent pool. We expect this trend to accelerate, supporting the long-term demand for sustainable Class A offices in mixed-use campus environments, ”he added. Chanakya Chakravarti, Managing Director, India, at Ivanhoé Cambridge, said: “The sound economy, the quality of the leases, the deepening of the secondary markets and the general market formalization offer an interesting opportunity. We look forward to working with Embassy, ​​an experienced developer with an impressive track record of executing across market cycles, to expand our portfolio and support the further institutionalization of India’s renewable energy sector. “About the partnership with Ivanhoé Cambridge, Jitu Virwani, Chairman and CEO of the Embassy Group said:” This partnership between the Embassy Group and Ivanhoé Cambridge is a strategic step in transforming the commercial real estate landscape in India. We aim to develop state-of-the-art industrial parks in India through the Embassy-Ivanhoe trading office platform. We want to continue to create a differentiated and holistic ecosystem for workspaces by integrating concepts such as living together and working together, spacious office space and easily accessible amenities. We are excited to start the first phase of the Embassy East Business Park, to begin this strategic alliance with Ivanhoe Cambridge and look forward to a mutually rewarding relationship. “About Ivanhoé Cambridge Ivanhoé Cambridge develops and invests in high-quality properties, projects and companies that shape the urban fabric in dynamic cities around the world. This is done responsibly for long-term performance. Ivanhoé Cambridge is committed to creating habitats that promote the well-being of people and communities while reducing the ecological footprint. Ivanhoé Cambridge invests internationally together with strategic partners and large real estate funds that are leaders in their markets. The company has stakes in more than 1,000 buildings through subsidiaries and partnerships, primarily in the areas of industry and logistics, office, residential and retail. Ivanhoé Cambridge had real estate assets of CAD 64 billion as of December 31, 2019 and is a real estate subsidiary of the Caisse de Dépôt et Placement du Québec (cdpq.com), one of Canada’s leading institutional fund managers. For more information: www.ivanhoecambridge.com About the Embassy Group The Embassy Group, founded in 1993, is one of the largest real estate conglomerates in India with a broad portfolio of over 62 million square meters. Ft. of prime commercial, residential and industrial space in India. In all asset classes, Embassy attaches great importance to high standards in terms of quality, delivery, first-class environmental management and safety. Embassy has partnered with global investors such as Blackstone and Warburg Pincus on a group and project level. The embassy pioneered new practices in many areas. Embassy sponsored India’s first REIT, the largest office REIT in the Asia-Pacific region. As an extension of its vision of creating world-class urban infrastructure, the company has also made a contribution in the field of education. The group’s community outreach program enables over 25,000 children in 189 schools to make positive social impacts in India. PWR PWR

Disclaimer: – This story was not edited by Outlook staff and is automatically generated from news agency feeds. Source: PTI

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