In a recent development, real estate developer Embassy Group has entered into a joint venture to develop Rs 850-crore commercial office space owned by Taurus Investment Holdings in Kerala. In the first phase, the partners will develop around 1.2 to 1.4 million sq ft office space. Embassy will hold 49% stake while the remaining will be owned by Taurus Investment Holdings, said Embassy Group Chairman Jitu Virwani, adding that as per the agreement, 2.3 million sq ft office space will be developed at Technopark Phase III in Thiruvananthapuram on a 10-acre land parcel. Both the entities are partnering together in the company Winterfell Realty, which will develop the commercial development and will put in equal investment, claimed Ajay Prasad, MD-India, Taurus Investment Holdings. Taurus Investment Holdings plans to take up more commercial assets in southern India as part of its plan to develop 5 million sq ft office space. Currently, Embassy Office Parks -a joint venture between PE firm Blackstone Group and real estate developer Embassy Property Developments -is planning to file the draft red herring prospectus for listing its real estate investment trust very shortly.
📅Published on:
26 September 2017
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