Mingtiandi
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Embassy Golf Links in Bengaluru
Indian developer Embassy Group and Ivanhoe Cambridge, a real estate investment arm of Canada’s second-largest pension fund, have launched a platform to fund acquisition and development of sustainable, office-led business parks in key urban centres of India.
Embassy will lead real estate development, project management, leasing and operations under the platform, while Ivanhoe Cambridge will leverage its expertise in investment, the partners said in a Tuesday press release. The platform will have investment capacity of $500 million from the two partners, with Ivanhoe Cambridge and Embassy respectively investing at an 80:20 ratio.
The seed asset for the platform will be the first phase of the 60 acre (24.3 hectare) Embassy East Business Park on Whitefield Main Road in Bengaluru.
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An Embassy Industrial Parks facility near Bengaluru
Already India’s largest office landlord, Blackstone may soon become the country’s biggest warehouse owner through the purchase of a 22 million square foot (2 million square metre) logistics joint venture, according to local news reports.
Having acquired more than 1 billion square feet of warehouses globally over the past decade, Blackstone is said to be offering $700 million to purchase Embassy Industrial Parks, a logistics joint venture between its US rival Warburg Pincus and India’s Embassy Group, which partnered with Blackstone to launch the Embassy Office Parks REIT in 2019.
The deal, which was reported earlier today in India’s Economic Times, is said to be in the final stages, and is expected to be formally announced within days. Contacted by Mingtiandi, representatives of Blackstone and Warburg Pincus declined to comment.
DFI likely to be set up with IIFCL s paid-up capital of Rs 10,000 crore A new government-owned development finance institution (DFI) is likely to be set up with India Infrastructure Finance Company’s (IIFCL’s) paid-up capital of Rs 10,000 crore and an equivalent amount from budgetary support. It may have a lower minimum capital adequacy ratio of 9 per cent, compared to 12-15 per cent for non-banking financial companies. The Reserve Bank of India (RBI) Act and the Banking Regulation Act may be amended to set up the DFI for enabling it access to a line of credit, according to the draft Cabinet note, said sources.
Lodha Group strengthens Industrial and Logistics business leadership team
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The group’s current focus will be on the development of Palava Industrial and Logistics Park (PILP), the company said in a release. Chopra with over 18 years of strong experience in real estate with over 10 years of exposure in logistics and warehousing developments across India, specialises in lease transactions, deal negotiations, and investment strategies.
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MUMBAI: Realty developer Lodha Group has strengthened its leadership team of Industrial and Logistics business with two new appointments. The group has appointed Ramit Chopra as National Head - Business Development & Leasing (Industrial and Logistics Parks) and Veeresh Rao as Technical Head (Industrial and Logistics Parks).