Two realty deals worth Rs. 1,500 crore sealed.

In two of the biggest real estate deals in the country, Bangalore-based companies Embassy Group and Sobha Developers have shelled out a total of over Rs. 1,500 crore to buy substantial stakes in a business park and a residential project.

While Embassy Group and its joint venture partner, private equity firm Blackstone, acquired 60 per cent stake in a 106-acre business park for Rs. 1,200 crore, Sobha Developers has bought a 50 per cent stake in Puravankara's property in Kerala for nearly Rs. 327 crore.

The Vrindavan Tech Village, now renamed Embassy Tech Village, is spread over 106 acres on the Outer Ring Road in Bangalore, and is planned as an integrated project with commercial components as well as retail and residential spaces.

Jitu Virwani, Chairman and Managing Director of the Embassy Group, said after the Embassy TechVillage acquisition, Embassy Office Parks would have over 20 million sq ft of commercial real estate space. 'We now have over 150,000 park users across four business parks and enjoy strong and robust tenant relationships with over 100 blue-chip, MNC and Indian companies,' said Virwani.

Mike Holland, Chief Executive Officer, Embassy Office Parks, said the group would be constructing office suites for a number of potential clients, both SEZ and non-SEZ, to help them optimise costs and derive better value.

HBL