Global investment firm KKR's NBFC arm has invested Rs 725 crore in real estate developer Embassy group's upcoming commercial real estate project in Bengaluru.
KKR's real estate-focused non-bank finance company KKR India Asset Finance Ltd (KIAFL) announced that "it has extended Rs 725 crore (USD 102 million) to Embassy Group to finance a premium office development in Bangalore".
KIAFL has been active since 2015 and has invested more than USD 1.5 billion in India's realty sector as of February 2019. It maintains a core focus on high-quality opportunities in cities including Bangalore, Hyderabad, Mumbai and Pune.
Sanjay Nayar, Member & Head of KKR India said, "KIAFL looks to provide tailored, flexible financing solutions to high-quality projects in strong micro markets.
He said the company is supporting Embassy to meet the growing demand for quality office space in the city.
Embassy Group, promoted by Jitu Virwani in 1993, is a leading real estate developer with a strong presence in the commercial office space sector, across key Indian markets.
The Bengaluru-based group has delivered 53 million square feet of office, residential, retail, hospitality and industrial warehouses.
Embassy-Blackstone JV Embassy Office Park plans to launch India's first Real Estate Investment Trust (REIT) to raise more than Rs 5,000 crore as part of their objective to monetise rent yielding commercial assets.
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