Taurus Investment Holdings plans to take up more commercial assets in southern India as part of its plan to develop 5 million sq ft office space.
BENGALURU: Real estate developer Embassy Group has entered into a joint venture to develop a Rs 850-crore commercial office space held by Boston-headquartered Taurus Investment Holdings in Kerala.
"In the first phase, we will develop around 1.2 to 1.4 million sq ft office space. Embassy will hold 49% stake while the remaining will be held by Taurus Investment Holdings," said Embassy Group chairman Jitu Virwani.
As per the agreement, 2.3 million sq ft office space will be developed at Technopark Phase III in Thiruvananthapuram on a 10-acre land parcel over a period of five years. "Both the entities are partnering together in the company Winterfell Realty, which will develop the commercial development and will put in equal investment," said Ajay Prasad, MD-India, Taurus Investment Holdings.
Taurus Investment Holdings plans to take up more commercial assets in southern India as part of its plan to develop 5 million sq ft office space.
Currently, Embassy Office Parks -a joint venture between PE firm Blackstone Group and real estate developer Embassy Property Developments -is planning to file the draft red herring prospectus for listing its real estate investment trust by the end of November, Virwani said.
The trust, which has received registration approval from the Securities and Exchange Board of India, is aiming to raise about $1 billion through the listing.
