Blackstone-Embassy JV to invest Rs 5,000 crore to build over 16 m sq ft of office space

The world’s largest private equity manager Blackstone’s Indian real estate joint venture Embassy Office Parks will invest $750 million, or around Rs 5,000 crore, in the next three years as technology services boost office space absorption in cities such as Bengaluru, Hyderabad, Chennai and Pune. The equal joint venture between Blackstone and property developer Embassy Group will build an additional 16.5 million sq ft of office supply across these four cities, mostly through debt financing, Mike Holland, CEO, Embassy Office Parks, told TOI. Robust demand and supply constraints have seen vacancy levels dipping to just 4.1% in Bengaluru and 5% in Pune. This stands in stark contrasts to Delhi and Mumbai markets where vacancy levels are at 32% and 19.5% respectively amid a supply glut, industry data showed.

Read more: Economic Times