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Embassy Group receives Rs 725 crore from KKR's NBFC arm for a project in Bengaluru

Embassy Group has a strong presence in the commercial office space sector across key Indian markets.

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Global investment firm KKR’s real estate-focused non-bank finance company KKR India Asset Finance Limited has extended Rs 725 crore to Embassy Group to finance a premium office development in Bengaluru.

"Embassy is focused on meeting the high demand for commercial office space in the country. Attracting the support of a global investor of KKR's caliber further advances Embassy's efforts to develop high-quality properties for corporate occupiers. We look forward to a long term association with the KKR team," said Jitu Virwani, promoter of Embassy Group

Embassy Group has a strong presence in the commercial office space sector across key Indian markets. Based in Bengaluru, the Group has delivered 53 million square feet of office, residential, retail, hospitality and industrial warehouses.

KIAFL has been active since 2015 and has invested more than US$1.5 billion in India’s realty sector, as of February 2019. It maintains a core focus on high-quality opportunities in cities including Bangalore, Hyderabad, Mumbai and Pune.

"KIAFL looks to provide tailored, flexible financing solutions to high-quality projects in strong micro markets. With this in mind, mid-market residential and commercial projects in Bangalore are among the most interesting themes for us. Embassy Group is a leader in this space, and we are excited to support the Embassy team to meet the growing demand for quality office space in the city," said Sanjay Nayar, member and head of KKR India.

Embassy-Blackstone JV Embassy Office Park plans to launch India's first Real Estate Investment Trust (REIT) to raise more than Rs 5,000 crore as part of their objective to monetise rent yielding commercial assets.
First Published on Feb 11, 2019 07:49 pm
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