Embassy Group unveils Rs.2,000 cr realty project

Embassy Group is all set to launch 6 million sqft commercial space realty project at Embassy TechVillage in Bengaluru at an investment of Rs.2,000 crore. The project is the next phase of construction of the IT Park, encompassing a development area of 12 million sqft. The company has already completed nearly 4.5 million sq ft development and will be finishing 1.5 million sqft more by this year end, taking the total development to 6 million sq ft. In the project in question, the US-based PE major Blackstone Group owns 50% stake in Embassy Office Parks that is developing Embassy TechVillage, CEO, Embassy Office Parks, Michael Holland, said, elaborating that by 2022 it will be developing the balance 6 million sq ft of the next phase of Embassy TechVillage. The developer will be using internal accruals and financing construction to support this investment. As a matter of fact, TechVillage is a more than 100-acre development planned as an integrated project covering commercial, retail and hospitality realty components.