InvestorQ : Is it true that the Embassy group is planning to develop office properties jointly?
Juvina Maggie made post

Is it true that the Embassy group is planning to develop office properties jointly?

Answer
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Deepa Salunkhe answered.
2 months ago


That is correct. Embassy group is engaged in talks with CPDQ of Canada, which is part of the group that manages the Canadian Pension Fund. The idea of the alliance is to set up a platform to develop office projects in India in a big way, via its Ivanhoe Cambridge arm.

CPDQ will have a majority stake in this venture and Embassy will be the minority partner. Last year in the middle of 2019, it was Embassy group that had pioneered the launch of the first REIT in India in collaboration with Blackstone group of the US.

For the Embassy group, this is also a great synergy with its co-working unit, WeWork. Currently, WeWork provides co-working services to start ups. Just a week ago, Embassy group had finalized the mega merger deal with Indiabulls Real Estate.

Embassy already has a JV with Warburg Pincus for industrial parks with a portfolio of around 15 million SFT. As of now, just about 20% is operational. It will be to see the strategy of CPDQ as commercial estate is under pressure due to the side effects of WFH.