TechVillage deal done, Embassy to sell more assets to its listed REIT

The TechVillage sale for $1.3 bn was the country's single largest commercial property deal, and made Embassy REIT the largest in Asia by office space

Bengaluru-based Embassy group will sell more properties to Embassy Office Parks, the real estate investment trust or REIT floated by it with its partner Blacktone , its chairman Jitu Virvani said in a webinar today.

In the single largest commercial property deal in the country, Embassy and Blackstone sold Embassy TechVillage’s (ETV’s) assets in Bengaluru for $1.3 billion (Rs 9,782.4 crore) to Embassy REIT.

This deal made Embassy REIT the largest in Asia by office space. Blackstone and Embassy floated the country's first REIT and listed it last year.

"I believe developers should merge their assets into these REITs instead