Clifford Chance has advised Blackstone and Bangalore-based developer Embassy Property Developments PVT Limited on India’s first real estate investment trust, Embassy Office Parks REIT, for an initial public offering of US$690 million (47.5 billion rupees). The IPO was 2.57 times oversubscribed.
Apart from being India’s first REIT, it will be Asia’s largest in terms of office portfolio area, more than twice the size of others in the continent. It comprises a portfolio of seven office parks and four office buildings, totaling 32.7 million square feet of leasable area, with a 95 percent occupancy, as of December 31, 2018.
Embassy Property Developments Private Limited, a real estate development company, develops commercial, residential, retail, hospitality, integrated, and industrial warehouse spaces. The company also provides property management, project development, and asset management services.
Rahul was supported by senior associate Shashwat Tewary and associate Hui Ting Phua. New York counsel Paul Koppel (Picture) also assisted.
Law Firms: Clifford Chance;