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The joint office development platform between Ivanhoe Cambridge, the real estate division of Bengaluru-based Embassy Group, and CDPQ, Canada's second-largest pension fund, has been shelved. The platform had been planned with a corpus of approximately $500 million. Instead, they will focus on asset-level transactions in the nation.
Ivanhoe and Embassy introduced the office platform in March 2021 with a $500 million investment potential. The platform was to invest in business parks in Bengaluru, Chennai and Hyderabad. The platform's foundational asset was the first phase of Bengaluru's 60-acre Embassy East Business Park, located on Whitfield Main Road. Other properties in Bengaluru and Chennai were identified as potential investment opportunities for Ivanhoe and Embassy in an 80:20 ratio.
However, once both partners opted to monetize the joint venture, Blackstone Group purchased Embassy Industrial Parks from Warburg Pincus and Embassy Group for around Rs 5,000 crore last year. Ivanhoe Cambridge went on to establish a $1 billion industrial partnership with Lodha Group and Bain Capital last year with the goal of developing 30 million square feet of operational assets to support India's digital economy.
In February this year, Ivanhoe Cambridge has announced a Rs 15,400 crore partnership with Singaporean investor Mapletree. The investment strategy would be to focus on development of Grade A office assets in key economic hubs. Mapletree would lead the real estate development, project management, leasing and operations. Ivanhoe would bring in its financial expertise and experience.
Founded in 1993, the Embassy Group is a renowned real estate developer in India with its headquarters in Bengaluru. It has developed several landmark projects in India, including office spaces, IT parks, SEZs, luxury residences, and hotels. Some of its notable projects include Embassy GolfLinks, Embassy Manyata Business Park, Embassy Tech Village, Embassy TechZone, and Embassy Springs.
The Embassy Group has been a formidable player in commercial real estate. The company's office spaces are known for their modern design, sustainability features, and world-class amenities. In the hospitality sector, the Embassy Group has developed several luxury hotels and resorts, including the Hilton Bangalore, Four Seasons Hotel Bangalore, Le Meridien Bangalore, and the Hilton Shillim Estate Retreat & Spa.
In recent years, the Embassy Group has also expanded its presence in the industrial and logistics real estate sector, with the development of industrial parks, warehouses, and logistics parks. The company's expertise in this sector has been recognized through partnerships and joint ventures with international players such as Warburg Pincus and Ivanhoe Cambridge.
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