Embassy Group

Valuation dispute halts WeWork Inc's plan to exit India after CCI nod

The sale, which involved WeWork Inc, affected by bankruptcy, and its local partner Embassy Group, was set to include a 13 per cent stake sale by Embassy Group in WeWork India

Apple to establish major presence in Bengaluru with new office tower lease

The deal, part of Embassy's redevelopment of a prime 2.3-acre site slated to become Apple's second-largest Bengaluru facility by 2025, includes lease rates increasing by 15% every three years

Embassy Group sales bookings up 85% to Rs 2,250 cr on better housing demand

Realty firm Embassy Group on Thursday said its sales bookings rose 85 per cent in the last fiscal year to record Rs 2,250 crore on strong housing demand. In a statement, the company said it achieved best-ever performance in the 202324 fiscal year for its residential business, with sales transaction value of Rs 2,250 crore -- an 85.5 per cent jump from the preceding year. Embassy Group sold 21.18 lakh sq ft, achieving a year-on-year growth of 103 per cent in area sold. This was primarily fuelled by interest from high net-worth individuals (HNIs) and non-resident Indians (NRIs) in ready-to-move-in luxury projects, the company said. Embassy Group COO Aditya Virwani said, "WAs we anticipate a sustained upcycle in the country's housing market in the coming years, we are committed to maintaining this momentum." With housing demand, increasingly consolidating towards Grade A developers, he said the company would replicate its success in the office segment to residential business. "We ha

Co-working firm WeWork in talks to sell entire 27% stake in India unit

Co-working firm WeWork Global, which has filed for bankruptcy in the US, is in talks with potential investors to sell its entire 27 per cent stake in WeWork India to monetise its investments, sources said. Bengaluru-based real estate firm Embassy Group, which holds the remaining 73 per cent stake in WeWork India, might also dilute some shareholdings to raise funds, they added. WeWork India, which started operations in 2017, has over 8 million square feet of assets signed across 54 locations in New Delhi, Bengaluru, Mumbai, Gurugram, Noida, Pune, and Hyderabad. WeWork India had posted a turnover of Rs 1,400 crore during the 2022-23 fiscal year. In June 2021, WeWork Global invested USD 100 million in WeWork India to pick a 27 per cent stake. The investments helped Indian business to tide over the financial difficulties during the COVID pandemic, which had severely affected the office market. When contacted, WeWork India CEO Karan Virwani declined to comment. Sources said, WeWork In

Delhi police zero in on two suspects in Israel embassy 'blast' call case

Police said that there are several different social media applications that need to be checked and concerned companies will be communicated with

Embassy REIT clocks 11% growth in net income, declares Rs 2,058 cr dividend

Embassy Office Parks REIT on Thursday reported an 11 per cent increase in its net operating income at Rs 2,766.3 crore during the last fiscal year and declared distribution of Rs 2,057.9 crore dividend to unitholders. Its net operating income stood at Rs 2491.1 crore in the 2021-22 fiscal. The board of directors of Embassy Office Parks Management Services Pvt Ltd, Manager to Embassy REIT, at its board meeting declared a distribution of Rs 532 crore or Rs 5.61 per unit for the fourth quarter of the last fiscal. The distributions of money to unitholders are in the form of dividend, interest and repayment of SPV level debt. "With this, the cumulative distribution for FY'23 totals Rs 2,058 crore or Rs 21.71 per unit. The record date for the Q4 FY2023 distribution is May 6, 2023, and the distribution will be paid on or before May 12, 2023. The company's revenue from operation rose to Rs 3,419.5 crore in the 2022-23 fiscal, from Rs 2,962.6 crore in the previous year. Embassy REIT CEO .

Saudi Arabia and Iran agree to reopen embassies, ease air travel norms

Iran's semiofficial ISNA news agency says Saudi Arabia and Iran have agreed to reopen diplomatic missions in their respective capitals and in additional cities. The report says the agreement was reached Thursday during a meeting of the foreign ministers of Iran and Saudi Arabia in Beijing. The agreement also calls for studying the possibility of resuming flights between the two nations and facilitating the visa process for the citizens of both countries. Saudi Arabia and Iran are long-time regional rivals, but have moved toward reconciliation as part of a deal brokered by China last month.

WeWork India turns profitable on top line of Rs 800 crore in Jan-Nov

The flexible office space start-up had entered India in July 2017 through a franchise model with Bengaluru-based property developer Embassy Group

Indiabulls realty arm's sales double to Rs 874 crore in H1FY22

According to an investors presentation, new sales stood at Rs 874 crore in the first half of this fiscal year from Rs 368 crore in the corresponding period of the previous year

Embassy REIT to raise up to Rs 300 cr via non-convertible debentures

Embassy Office Parks REIT will raise up to Rs 300 crore through issue of non-convertible debentures. The company did not disclose where the funds will be utilised. In a regulatory filing, the company informed that the board of Embassy Office Parks Management Services Pvt Ltd, the manager to Embassy Office Parks REIT, had in November last year approved the raising of debt, including the issue of non-convertible debentures, for an aggregate amount up to Rs 3,641.1 crore in one or more tranches. Out of this, Rs 2,600 crore was raised earlier as REIT NCD Series-III. On Thursday, the debenture committee of the board of directors of the manager, has approved the further issuance of 3,000 listed, rated, secured, redeemable, transferable, rupee denominated non-convertible debentures of face value of Rs 10,00,000 each, aggregating up to Rs 300 crore by Embassy REIT on a private placement basis. In January this year, Embassy REIT had raised Rs 2,600 crore through issue of non-convertible ..

Embassy Group, Kalpataru tap global funds for over Rs 2,000 crore

Embassy raises Rs 1,200 crore from Bain Capital; Kalpataru Rs 850 crore from PAG

Embassy in talks with Blackstone to sell warehouse biz for Rs 1,800 crore

Realty firm Embassy group is in the advance stage of talks with global investment firm Blackstone to sell its warehousing and industrial parks business at an enterprise value of around Rs 1,800 crore

Embassy Group plans to explore more opportunities in warehousing

Embassy plans to use the funds from the deal as growth capital in its office and residential projects

Varde Partners in talks with Embassy to extend Rs 900-crore loan

Varde is also in talks to lend about Rs 1,200 crore to Hyderabad-based Phoenix Group

Embassy Group ties up with Ivanhoe to roll out $500 mn investment fund

The Canadian partner and Embassy will be investing in an 80:20 ratio, with an initial focus on the southern Indian markets of Bengaluru and Chennai

Blackstone in the final leg of talks to buy out Embassy Industrial Parks

Embassy has a long-standing partnership with Blackstone through their JV Embassy Office Parks, which has floated and listed a real estate investment trust (REIT)

New investors flock to warehousing as existing ones rush for exit door

Savills Research expects private equity investors to assess an opportunity of around $330 million in the industrial and warehousing segments in 2021

Embassy Office Parks REIT to float QIP, may raise up to $600 million

Floor price of Rs 348.38 per unit approved

$1.5-billion deal of Blackstone-Prestige Estates gets CCI approval

Valued at $1.5 billion, this is one of the largest real estate deals in the country comprising the sale of 21 million square feet of assets

Deal talks between Embassy, logistic firms hit an impasse on valuation

Warburg Pincus has 70 per cent in the joint venture while Embassy has 30 per cent