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BANGALORE: Bangalore-based real estate reviews developer Embassy Property expansion is in converses to lift Rs 800 crore in liability to fund its designed acquisition of an IT reserve in the city, a individual with direct information of the development said. “The builder is in converses with banks and economic services companies including HDFC LtdBSE 0.36 % and Indiabulls to lift the debt,” this person said. “Earlier, Embassy and Blackstone were jointly anticipated to purchase the 2.1-million sq ft Vrindavan Tech Park, but now the PE finance will enter when 100% stake in the reserve is bought by Embassy. “Chairman and MD of Embassy assembly, Jitu Virwani , denied comment for this article. An HDFC Ltd spokesperson denied the development , while Indiabulls said it was not cognizant of any such development.

Embassy house designs to fund the Rs 1,951 crore acquisition through . 900 liability and . 1,100 crore equity, the person quoted previous said. “There is Rs 315 crore debt on the task from a public sector bank that has turned NPA. The IT reserve is furthermore involved in arbitration with Citigroup, which supplied mezzanine financing to the project,” he said. mail the acquisition, Embassy and Blackstone will not only get the 2.1 million sq ft of lease space but will furthermore get hold of 75 acre of undeveloped land within the IT reserve.

Some of the tenants in the IT SEZ encompass Cisco , Sony, Nokia and KPMG. “The builder may furthermore conclude to sell some space to Blackstone ,” the person cited previous said. Blackstone acquired 50% stake from Embassy Group in Embassy agency reserves, which comprises three financial properties totaling 19 million sq ft, for Rs 1,015 crore last October.


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