Connect with us

Hi, what are you looking for?


Blackstone, StanChart to fund Bangalore IT park

snfPrivate equity firm Blackstone Group and Standard Chartered Bank will together extend Rs 1,150 crore to fund Embassy Office Parks in Bangalore to help the latter to buy 60% stake in Bangalore IT SEZ Vrindavan Tech Village. Blackstone will invest Rs 500 crore afresh in Embassy Office Parks, which it equally owns with developer Embassy Group, through convertible instruments. Standard Chartered will extend Rs 650 crore multi-year loan to clinch the majority stake acquisition in the 2.1 million sq ft SEZ, leased to clients such as Cisco, Sony and Nokia. Jitu Virwani, CMD, Embassy Group said Standard Chartered is taking over the existing debt on the project of Rs 650 crore, while Blackstone is paying for its 50% share of 1.9 million sq ft of built up office space and 30 acres of land. The project has potential to develop additional 10 million sq ft on a 108 acre land in the IT suburbs of Bangalore. JP Morgan, HDFC and Indiabulls too were in the fray to extend loan financing, before Embassy decided to go with Standard Chartered. The deal values the SEZ at around Rs 2,000 crore, making it one of the largest office space acquisitions till date.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

PR Newswire

Copyright © Glocal Infomart Pvt Ltd. All rights reserved. Usage of content from website is subject to Terms and Conditions.