Embassy and Taurus Investment Holdings join hands for SEZ Development in Trivandrum
Embassy through its entity Embassy Property Development Pvt Ltd, has entered into an agreement with Taurus Investment Holdings, a Real Estate Private Equity Investment and Development Company headquartered out of Boston, Massachusetts, US to form a joint venture called Winterfell Realty Private Limited to develop an SEZ property in Trivandrum, Kerala. This will be Embassy’s first project in the State and it will be known as Embassy Taurus World Technology Centre, Trivandrum. Embassy will have an equity commitment of 49% while Taurus Investment Holdings will hold the remaining 51%. The partnership entails an economic interest of 50: 50 for both entities in the Joint venture. This partnership strengthens Embassy’s Commercial office space portfolio and development of SEZs in key strategic locations.
Embassy Taurus World Technology Centre will be constructed within the existing Techno park primarily on a 10-acre SEZ land parcel, as part of a mixed-use development spread across a total of 20 acres. The office component will encompass 2.3 mn sq feet i.e. 65% of the total area of the larger project, with the rest to be developed as retail and a hotel. The 1st Phase of office development comprises of 1.4 mn sq feet office space, and is expected to be completed within 24- 30 months. The land parcel will be leased from Techno park for a period of 90 years, with an additional renewal option of another 90 years. The 2nd phase will be launched subsequently based on the leasing velocity, with a projected total completion period of 60 months. Brookfield Financial advised on the transaction.