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By IPE staff2021-03-03T00:25:00+00:00
Ivanhoé Cambridge has partnered with property developer Embassy Group to invest $500m (€413.6m) invest in office led business parks in India.
The 80:20 joint venture between the C$64bn (€41.5bn) real estate subsidiary of the Caisse de dépôt et placement du Québec and the Indian property developer has been seeded with the first phase of the 60-acre Embassy East Business Park located in Whitefield Main Road in Bengaluru.
The partnership will initially focus on the Southern Indian markets of Bengaluru and Chennai.
Karim Habra, the head of Europe and Asia-pacific at Ivanhoé Cambridge, said: “This new venture with Embassy will allow us to reinforce our presence in India, a key country in our diversification strategy in Asia.
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Embassy Group
Embassy Group and Ivanhoe Cambridge Launch a Commercial Real Estate Investment and Development Platform Across India and Close First Flagship Project in Bengaluru
Tuesday, March 2, 2021 4:05PM IST (10:35AM GMT)
Bengaluru, Karnataka, India:
The platform will fund acquisition and development of sustainable office led business parks in key urban centres of India.
The platform will invest in sustainable business park campuses, aided by deep & quality talent pool, fuelling India’s growth as an innovation hub.
The platform will have investment capacity of US$ 500M from the two partners.
Embassy East Business Park to be the first flagship project of the platform; project spans 1.3 Million Sq. ft. across 9 acres and is located at Whitefield, Bengaluru.
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Embassy Golf Links in Bengaluru
Indian developer Embassy Group and Ivanhoe Cambridge, a real estate investment arm of Canada’s second-largest pension fund, have launched a platform to fund acquisition and development of sustainable, office-led business parks in key urban centres of India.
Embassy will lead real estate development, project management, leasing and operations under the platform, while Ivanhoe Cambridge will leverage its expertise in investment, the partners said in a Tuesday press release. The platform will have investment capacity of $500 million from the two partners, with Ivanhoe Cambridge and Embassy respectively investing at an 80:20 ratio.
The seed asset for the platform will be the first phase of the 60 acre (24.3 hectare) Embassy East Business Park on Whitefield Main Road in Bengaluru.
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