Embassy buys 10 acre land in Bengaluru for Rs 255 crore

In one of the prime real estate deals in South India, Billionaire Jitu Virvani led Embassy Group has bought a 10 acre land parcel from pharma company AstraZeneca in Hebbal area in Bengaluru for Rs 255 crore, said a source in the know.

Embassy will pay about Rs 230 crore or Rs 23 crore per acre and pay rest as broker charges, registration charges etc, the sources said.

Embassy is looking to do either property development or a office park on the complex, the sources said.

When contacted, Virvani confirmed the transaction. AstraZeneca could not be contacted for comments.

A senior valuation expert said the price is fair given the prevailing prirces in the area which falls in North Bengaluru.

Embassy recently bought a part of a part of a SEZ in Chennai from SNP Infrastructure, reports said.

Embassy along with its partner Blackstone are looking to file intent papers to float a $600 million Real Estate Investment trust with capital market regulator Sebi.

Embassy has deferred it's plans to sell 30 per cent stake in its office arm and instead raised funds through debt. It planned to raise Rs 4500 crore through stake sale.

Embassy Group has over 25 million sq ft of leased and under construction property. Of this, 12 million sq ft is under construction.