Real Estate

Real Estate Transactions

Embassy REIT gets right of first offer notice for Chennai property

Economic Times  

Embassy Office Parks REIT has received a right of first offer ('ROFO') notice from one of its sponsors, Embassy Group, for a Chennai property, Embassy Splendid TechZone. The deal is expected to be valued at over INR 2,500 crore. The acquisition, which comprises nearly 5 million sq ft of office assets in Old Pallavaram, is expected to take around six months and is under review. The property is currently under construction and has 1.4 million sq ft of completed and leased space to clients like BNY Mellon, Accenture and Wells Fargo.