Deal Closed | S&R Associates | REIT

S&R Associates represented the Embassy Office Parks REIT, India’s first listed real estate investment trust, and its manager, Embassy Office Parks Management Services Private Limited, in the acquisition of approximately 84.05 acres in Embassy TechVillage, an office park located in Bengaluru along with the associated business of common area maintenance services for an aggregate enterprise value of ₹97,824 million (U.S.$1.3 billion).  The acquisition was completed through the purchase of equity shares by the Embassy Office Parks REIT from the Embassy sponsor, the Blackstone sponsor group and third party shareholders for a combination of cash and issuance of units.  This is the first large-scale acquisition by a listed REIT in India.

The S&R team was led by partners Sandip Bhagat, Radhika Iyer and Shivaji Bhattacharya, and included associates Prateek Sharma, Tarinee Sudan, Pratichi Mishra, Rachita R. Bhat, Anugya Sahai, Sushmita Sur, Neethu Roy, Apoorv Chaturvedi, Shwetank Sharma, Sonal Bhargava and Somya Jena.