S&R Associates has represented India’s Embassy REIT on its $1.3 billion acquisition of Embassy TechVillage assets from affiliates of sponsors Embassy Group, which were advised by Khaitan & Co.
Embassy TechVillage is a large-scale business park in the southern Indian city of Bengaluru. It has a diversified blue-chip and predominantly multinational occupier base.
According to Mint, the buyout comprises 6.1 million sq. ft. of completed office space, 3.1 million sq. ft. of under-construction area, and two proposed 518-keys Hilton hotels in the Embassy Tech Village campus.
The S&R team was led by Sandip Bhagat, Shivaji Bhattacharya and Radhika Iyer, while partners Rajiv Khaitan, Udayarkar Rangarajan and Rishabh Bharadwaj led the Khaitan team.
Meanwhile, Blackstone, one of the sellers, was counselled by a Cyril Amarchand Mangaldas team led by partners Reeba Chacko, Nagavalli G, and S Harish, and a Bombay Law Chambers team led by partners Dipanshu Singhal and Karan Kalra.
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