Blackstone and the Embassy Group have edged out DLF as the country's largest commercial developer in terms of square feet.
Blackstone and the Embassy Group have closed their first acquisition as partners but the addition of this fourth project to their portfolio has helped the partnership edge out DLF as the country's largest commercial developer in terms of square feet.
It has taken embassy office parks, the 50:50 joint venture between private equity giant Blackstone and Bangalore-based developer Embassy Group Rs 1951 crore to outpace competition. The purchase of a 106-acre land parcel that houses embassy tech village in Bangalore is the joint venture's first to date and makes the fourth business park that the two of them own together.
The embassy group has taken a Rs 650 crore loan from StanChart to fund this deal.
Jitu Virwani, CMD, Embassy Group says, "One of the existing shareholders has retained 40 percent of his shareholding and staying with us rather than exiting. At some point, we will finally control 60 percent of park. Blackstone has brought in close to Rs 540 crore and the rest has been put in by us."
Also read: DLF to raise Rs 900cr via CMBS; Crisil gives stable rating
The acquisition takes the company's total commercial real estate holding to over 20 million square feet spread across Bangalore and Pune and pushes DLF to second place in terms of commercial real estate under development in the country. However, the joint venture says it's just getting started.
It plans to build another 16 million sq ft over the next 5 years, including 8 million square feet in this newly acquired office space.
Embassy office parks hopes that by 2016, it will annually earn Rs 1000 crore from its rental portfolio. It believes that would be the right time to list its massive commercial portfolio as a real estate investment trust (reit). But experts say it's anyone's guess whether India would have passed the legislation to make reits a reality by then... In which case, the joint venture may have to consider a foreign reit listing.
Anda sedang membaca artikel tentang
Blackstone-Embassy Grp now area-wise largest realty company
Dengan url
http://efektifkesehatan.blogspot.com/2014/05/blackstone-embassy-grp-now-area-wise.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Blackstone-Embassy Grp now area-wise largest realty company
namun jangan lupa untuk meletakkan link
Blackstone-Embassy Grp now area-wise largest realty company
sebagai sumbernya
0 komentar:
Posting Komentar