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Indiabulls Real Estate acquired Embassy Eden, a proposed residential villa development project spread over ~31.30 acre from EPDPL through the infusion of approximately Rs 465.71 crore capital in Sion Eden Developers.
The company will pay a rent of INR 72 per square foot per month in the first three years of the lease, according to a source with direct knowledge of the deal. The company also renewed its lease with Embassy Crest in Whitefield from Embassy Property Developments for 60 months at the end of 2023. Mercedes-Benz Research and Development India is planning to hire over 1,000 engineers in India in the upcoming year, as per market information.
The company will pay a rent of ₹72 per square foot per month in the first three years of the lease, according to a source with direct knowledge of the deal. The company also renewed its lease with Embassy Crest in Whitefield from Embassy Property Developments for 60 months at the end of 2023. Mercedes-Benz Research and Development India is planning to hire over 1,000 engineers in India in the upcoming year, as per market information.
The deal has a floor price of ₹310 per share, representing a discount of approximately 7.7% compared to Embassy Office Parks' Tuesday closing price.
The R&D centre of the German automaker leased the space at Embassy Crest in Whitefield from Embassy Property Developments for 60 months with a 5% escalation every year.