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Embassy group, Bengaluru-based real estate developer, through its entity Embassy Property Development, has entered into an agreement with Taurus Investment Holdings, a real estate private equity investment and development company headquartered in Boston, to form a joint venture, Winterfell Realty Pvt Ltd, to develop an SEZ property in Thiruvananthapuram.
This will be Embassy’s first project in Kerala and will be known as ‘Embassy Taurus World Technology Centre, Trivandrum’. Embassy will have an equity commitment of 49 per cent while Taurus Investment Holdings will hold the remaining 51 per cent.
Brookfield Financial advised on the transaction. 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 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 million sq ft, that is 65 per cent of the total area of the larger project, with the rest to be developed as retail and a hotel.
The first phase of office development involves 1.4 million sq ft office space, and is expected to be completed in 24-30 months.
The land parcel will be leased from Techno Park for a period of 90 years, with a renewal option of another 90 years.
The second phase will be launched subsequently based on the leasing velocity, with a projected total completion period of 60 months.
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