Page 22 - CO JAN 2020

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CONSTRUCTION EMBASSY REIT OFFERED 6.2 MLN SQ OFFICE PREMISE IN B’LURU 1 lakh desks/seats by end of the next year. In order to fund this
PRESTIGE ESTATES’ COMMERCIAL PROJECT IN PUNE
expansion it plans to raise $200 million by end of this year from
foreign and domestic investors. WeWork India will soon enter Noida
Embassy Office Parks REIT (Embassy REIT) has got an invitation to
and Hyderabad markets.
right of first offer from
Embassy Property
PRESTIGE’S FOCUS ON AFFORDABLE HOUSING
Developments
Realty firm Prestige Estates Projects plans to focus on mid-income
Pvt Ltd, certain
subsidiaries and
driving demand for residential units in India. Prestige plans to focus
other shareholders,
on mid-income and affordable housing projects, the segment
for potential sale of and affordable housing projects, the segment that has been
6.2 million square that has been driving demand for residential units in India. The
feet (msqf) of Bengaluru-based company, which has ready stock worth over
completed office `2,000 crore in the luxury housing segment, will take up more luxury
premises and 2.5 housing projects only selectively. Prestige had earlier tied up with
msqf of under-construction area in Embassy TechVillage, an Vijay Mallya and Leela Hotels for one of the most expensive luxury
integrated office park situated on Outer Ring Road, Bengaluru. homes projects in Bengaluru.

With this, cumulative distribution for 1H FY2020 totals `879.70 crore Prestige is also looking to expand its presence in Hyderabad, NCR,
or `11.4 per unit. The record date for distribution is November Pune and Mumbai with residential projects. It recently partnered
19 and distribution will be paid on or before Nov 26. The Board with New Consolidated Construction Company (NCCCL) and Ace
of Directors of Embassy Office Parks Management Services Pvt Group to develop residential projects in Mumbai and Noida.
Ltd(EOPMSPL), manager to Embassy REIT, at its board meet on In 2018, the builder entered into a strategic partnership with HDFC
Monday declared a distribution of `463 crore or `6 per unit for Q2. Capital Advisors to set up a dedicated residential platform to invest
in the mid-income and affordable housing segment. Prestige
SALARPURIA ENTERS AFFORDABLE SEGMENT
PLANS TO INVEST `900 CR IN TWO PROJECTS IN BENGALURU utilised HDFC money to invest in three recent housing projects.
Entry into new geographies will expand its economy of scale.
Bengaluru-based realty firm Salarpuria Sattva is entering affordable This platform has capital to the tune of `2,500 crore, which is a
housing segment with two projects in the IT city, at an estimated combination of equity and debt.
investment of around `900 crore. It among leading real estate
developers in South India with focus on commercial real estate CELLA’S KOCHI LOGISTICS PARK
projects. Cella Space Ltd (formerly Sreesakthi Paper Mills) has received the
In partnership with global investment firm Blackstone, it has government’s nod to set up a dry chill cold storage logistic park in
developed many commercial projects. Recently, Blackstone and Kerala. The Kochi-
Salarpuria Sattva bought ‘Global Village Tech Park’ in Bengaluru based company
from Coffee Day Enterprises Ltd for `2,700 crore. Residential units is investing
are in a price range of `25-60 lakh in these two projects comprising around ` 60
about 2,500 flats. The price will be around `3,500-4,000 a sq ft. Both crore to establish
projects, one located near the Kempegowda Airport and other on the park in the
the Mysore Road, are expected to be launched early next year. Edayar Industrial
Total investment will be around $130 million (about `900 crore). area. Cella
Space promoter
Besides Bengaluru, the group has a presence in Hyderabad, has established
Kolkata, Pune, Coimbatore, Jaipur and Goa.The group is also into logistics park
education and hospitality businesses among others. It has forayed in other states, and the Kerala venture will be the first of its kind,
into two major growing segments — co-working and co-living — in according to the company.
partnership with Co-live and Simpliwork.
Infrastructure for logistics includes providing good internal road
WEWORK INDIA TO RAISE 1,400 CR facilities for dry, chilled and cold storage, common fire-fighting
Co-working major WeWork India, owned by realty firm Embassy systems, common power and power back-up systems and
Group, will raise $200 million (around `1,400 crore) by December common security systems. Logistics back-up implies storing of
to expand business and expects to be profitable at the entity level goods, assembling spares, repacking, labelling, cold storing
in one year. The company has already invested `1,300 crore, and also transporting which generates substantial employment
including `1,000 crore as equity, in this business and will continue opportunities directly and indirectly. The Kerala government is also
to infuse more for growth. encouraging industrialists by allotting 5 per cent of land in industrial
estates for logistics operations. The government’s thinking is based
WeWork India has 26 operational coworking centres with 46,000 on the fact that logistic expenses can be reduced by establishing
seating capacity. It has nine centres in Bengaluru, 10 in Mumbai, state-of-the-art warehouses at strategic locations to move goods
6 in Gurugram and one in Pune. The company is targeting to reach
throughout the state.

22 CONSTRUCTION OPPORTUNITIES|JANUARY 2020