Embassy marks its foray into Kerala
Bengaluru, September 22, 2017: Embassy through its entity Embassy Property Development Pvt Ltd, has entered into an agreement with Taurus Investment Holdings, a Real Estate Private Equity Investment and Development Company headquartered out of Boston, Massachusetts, US to form a joint venture called Winterfell Realty Private Limited to develop an SEZ property in Trivandrum, Kerala. This will be Embassy’s first project in the State and it will be known as Embassy Taurus World Technology Centre, Trivandrum. Embassy will have an equity commitment of 49% while Taurus Investment Holdings will hold the remaining 51%. The partnership entails an economic interest of 50: 50 for both entities in the Joint venture. This partnership strengthens Embassy’s Commercial office space portfolio and development of SEZs in key strategic locations.
Embassy Taurus World Technology Centre will be constructed within the existing Technopark primarily on a 10-acre SEZ land parcel, as part of a mixed-use development spread across a total of 20 acres. The office component will encompass 2.3 mn sq feet i.e. 65% of the total area of the larger project, with the rest to be developed as retail and a hotel. The 1st Phase of office development comprises of 1.4 mn sq feet office space, and is expected to be completed within 24- 30 months. The land parcel will be leased from Technopark for a period of 90 years, with an additional renewal option of another 90 years. The 2nd phase will be launched subsequently based on the leasing velocity, with a projected total completion period of 60 months. Brookfield Financial advised on the transaction.
Commenting on the formation of the Joint venture, Jitu Virwani, Chairman & Managing Director, Embassy, said “The establishment of SEZ in India has been envisaged as an important strategic tool to expedite the growth of international trade and services. We are committed to be a part of this significant growth, with our exclusive SEZ project developments across locations. Our partnership with Taurus Investment Holdings fosters this vision, and marks our foray into the state of Kerala. Embassy Taurus World Technology Centre is strategically located and has tremendous potential, with well-known firms planning major developments in the region. The great synergy we share with Taurus Investment Holdings, will help us nurture a longstanding relationship with them”
Ajay Prasad, Country Managing Director, India, Taurus Investment Holdings LLC said “Taurus has a legacy of more than four decades of successful investments across countries. Real estate is a focused play and we have been on the constant lookout for a suitable strategic partner for this venture. We are excited to begin a new chapter in our history in partnership with Embassy, which is a well-established developer in India with unmatched expertise in office development as well as a class-leading client portfolio. Together, Taurus and Embassy will develop a landmark project in a very exciting new market”
Embassy is one of the leading property developers in India with a track record of over three decades in real estate development. Embassy has an extensive land bank across the country and has developed over 40 million sq ft of prime commercial, residential and retail space in India as well as Malaysia and Serbia. Embassy’s portfolio of real estate developments spans the commercial, residential, industrial & warehousing, retail and hospitality segments of the real estate industry. The commercial real estate business includes the development of business parks, and ten SEZ across South India including India”s first and only IGBC Platinum Certified Business Park Campus. Embassy’s ongoing residential projects include luxury apartments, villas and integrated townships. Embassy’s residential projects are also designed to obtain IGBC Green Homes gold ratings as part of the efforts towards creating sustainable developments.
About Taurus investment holdings
Taurus Investment Holdings, LLC (“Taurus”) is a global investor, developer, and operator with a pervasive regional market network that leverages its diversified capital and operational infrastructure to capitalize on exclusive commercial and residential real estate opportunities. Founded in Munich, Germany in 1976 and currently headquartered in Boston, Massachusetts, Taurus currently has local presence in 15 markets on four continents. To date, Taurus has purchased, developed and sold more than 30 million square feet (3 million square meters) of office, industrial, retail and residential assets throughout the world with a total acquisition value of over $4 billion. The firm is an active participant in key markets including New York, London, Munich, Frankfurt, Ankara, Istanbul and Buenos Aires, with India being the latest market that it has entered. One of Taurus, flagship projects is the 2000 Acre Whisper Valley in Austin, Texas, a $2 Billion, smart city’s development with 7,000 homes, which is the first large-scale net zero energy integrated community in the US. More information at www.tiholdings.com
Embassy – PR and Media Relations Officer
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Taurus Investment Holdings India