Embassy Office Parks REIT will invest Rs 850 crore to develop nearly 2 million square feet office buildings in Bengaluru

Embassy Office Parks REIT will capitalize Rs 850 crore to formulate almost 2 million sq ft office constructions in Bengaluru as the corporation stays bullish in market for premium workspace, a senior corporation administrator told.

Embassy Office Parks REIT, the nation’s early public documented REIT financed by Blackstone and realty company Embassy organization, is moreover assessing the accession of a 5 million Esq feet IT grassland in Chennai.

In a meeting with PTI, Embassy REIT Deputy Chief Executive Officer and Chief Operating Officer Vikaash Khdloya announced that they have commenced a new development cycle by beginning new improvement of 1.9 million square feet space in Embassy Village in Bengaluru.

He furthermore told that As need has commenced to bounce, they are presently directing on development. They will formulate 1.9 million square feet in single shot across 4 buildings.

Inquired about the involvement, Khdloya announced the whole formation price is totalled at approximately Rs 850 crore for the recent 1.9 million square feet area.

Further, he told the pending undertaking in the remaining 2.7 million sq feet is Rs 750 crore. The formation of the ongoing 4.6 million square feet will be finalized over the following 3 years.

Khdloya announced the corporation has formerly obtained ‘Right of First Offer’ (ROFO) from its supporter Embassy organization for the accession of the 5 million sq ft space at Embassy Splendid TechZone in Chennai.

They will assess whether to purchase or not this 5 million sq feet portfolio in Chennai for obtainment, Khdloya told, expanding about 1.5 million sq feet in the Chennai IT park has almost been finalized.