The upcoming business park would be a versatile community, offering essential retail, co-living and amenities for a work-live-play experience for consumers. Thefirst phase of the project can be expected to be ready for occupancy by early 2024.
Bengaluru: Ivanhoé Cambridge, one of the real estate peripheral of Canada’s second-largest pension fund Caisse de dépôt et placement du Québec (CDPQ), and the Embassy Group have collectively launched a commercial office platform holding an investment capacity worth $500 million.
Embassy and Ivanhoé Cambridge are planning on investing in an 80:20 ratio, with the focus on Bengaluru and Chennai. The aim is to meet the demand for the expansion of global capability centers and research and development campuses. The focus would be to invest in the acquisition of partially developed business park opportunities and develop-to-core.
The awaited business park will be a mixed-use community offering co-living, essential retail and amenities to offer a ‘work-live-play’ experience for the consumers.
In terms of occupancy, the first phase of the project is expected to be ready by early 2024. Karim Habra, head of Europe and Asia-pacific at Ivanhoé Cambridge said, “This new venture with Embassy will allow us to reinforce our presence in India, a key country in our diversification strategy in Asia,”
He also mentioned that over the last couple of decades, assorted famous corporations have acknowledged India as a “scalable global innovation hub catalyzed by a deep, world-class talent pool.”
According to him, this trend will accelerate thus, supporting long term demand for class A and sustainable, offices in varied use campus environments.
The agreement was signed on the 18th of February by both the entities. Jitu Virwani, Chairman and managing director of Embassy Group, said, “Through the Embassy-Ivanhoe commercial office platform, we aspire to develop state-of-the-art business parks in India. We aim to continue delivering a differentiated and holistic workspace ecosystem by integrating concepts like co-living and co-working, expansive office spaces, and easy to access amenities.” “The healthy build-to-core economics, quality tenant covenants, deepening secondary markets and overall market formalization make for an interesting opportunity,” said Chanakya Chakravarti, Managing Director, India, Ivanhoé Cambridge.