Golflinks Software Park Private Limited (GLSP) has acquired office space in Embassy Golflinks (EGL), spread across an area of 170916 sq ft, for an aggregate consideration of approximately Rs 341 crore, documents accessed by Propstack showed.
“…With a view to consolidate its holdings in India’s best business park, Embassy Golflinks (EGL), Golflinks Software Park Private Limited (GLSP) has recently concluded transactions with three private individuals for the acquisition of office space in EGL. GLSP has acquired a total of approximately 170,000 sq ft within Embassy GolfLinks for an aggregate consideration of approximately Rs 341 crore,” a spokesperson for GLSP confirmed.
GLSP is a 50:50 joint venture between the Kelachandra group and the Embassy group. Incorporated in 2000, the company developed a software technology park, Embassy Golflinks Business Park, on IRR in Bengaluru. The company has developed 4.7 mn sq ft in the 60-acre business park, which has been fully occupied.
Golf Links Software Parks Ltd has bought office space worth Rs 341 crore spread across an area of 170916 sq ft in Embassy Golf Links Business Park – Augusta and Sun River, documents accessed by Propstack showed.
It has bought the first, fourth and fifth floors spread across 46,730 sq ft in Embassy Golf Links Business Park Augusta for Rs 93 crore. GLSP has also bought 20,000 sq ft for Rs 40 crore on the fourth floor in Embassy Golf Links Business Park, Sun River. The seller is Narpat Singh Choraria, the documents showed.
The company has bought 104186 sq ft for Rs 208 crore spread across ground, first, second, third and fourth floors. The seller is GV Properties Pvt Limited represented by Narpat Singh Choraria and S Shivashankarappa, the documents showed.
The three sale deeds were registered on October 5.
Both the Grade A office spaces –Augusta and Sun River - are located between Koramangala and Indiranagar, two of the busiest places in the city. The office space has been home to many companies such as IBM, Microsoft, Fidelity Investments, Goldman Sachs, Netapps, LG, ANZ, MacAfee, Bearing Point and others since it opened in 2003.
The Bengaluru office market has been witnessing traction post the second wave of the pandemic.
The gross leased area (till Q3 2021) stands at 7 million sq. ft with Q3 accounting for nearly 40% of the year to date absorption. Continuing the momentum, the projected gross leasing for Bengaluru for year 2021 is estimated to be around 10.5 million square feet. With minimal change in vacancies across the city over the past few quarters, the rentals remain resilient, said Colliers.
“This year also marked the conclusion of two of the biggest private equity real estate transactions India has ever witnessed, with Bengaluru serving as the epicentre of both the transactions. We are witnessing continued interest from domestic and foreign institutions as they remain bullish on potential & growth of India’s commercial real estate market,” said Arpit Mehrotra, Managing Director, Office Services (South India) at Colliers.