Ivanho茅 Cambridge has partnered with property developer Embassy Group to invest $500m (鈧�413.6m) invest in office led business parks in India.
The 80:20 joint venture between the C$64bn (鈧�41.5bn) real estate subsidiary of the Caisse de d茅p么t et placement du Qu茅bec and the Indian property developer has been seeded with the first phase of the 60-acre Embassy East Business Park located in Whitefield Main Road in Bengaluru.
The partnership will initially focus on the Southern Indian markets of Bengaluru and Chennai.
Karim Habra, the head of Europe and Asia-pacific at Ivanho茅 Cambridge, said: 鈥淭his new venture with Embassy will allow us to reinforce our presence in India, a key country in our diversification strategy in Asia.
鈥淥ver the last couple of decades, several global corporations have acknowledged India as a scalable global innovation hub catalyzed by a deep, world-class talent pool. We anticipate this trend to accelerate thus supporting long term demand for sustainable, class A offices in mixed-use campus environments.鈥�
Chanakya Chakravarti, managing director, India, at Ivanho茅 Cambridge, said: 鈥淭he healthy build-to-core economics, quality tenant covenants, deepening secondary markets and overall market formalization make for an interesting opportunity.鈥�
Jitu Virwani, chairman and managing director at Embassy Group, said, 鈥淭his partnership of Embassy Group and Ivanho茅 Cambridge is a strategic step towards transforming the commercial real estate landscape in India. Through the Embassy-Ivanhoe commercial office platform, we aspire to develop state-of-the-art business parks in India.鈥�
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