Mumbai: Real estate firm Embassy Group on Friday said it entered into a joint venture with US-based Taurus Investment Holdings to develop a 10 acre-special economic zone (SEZ) in Thiruvananthapuram, Kerala. The firms will jointly invest $140 million in the project.
While Embassy would have an equity stake of 49% in joint venture firm Winterfell Realty Pvt Ltd, Taurus Investment will the rest 51%. “This will be Embassy’s first project in the State and it will be known as Embassy Taurus World Technology Centre, Trivandrum,” the Bengaluru-based firm said in a statement.
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SEZ will be constructed within the existing Technopark—a mixed-use development spread across 20 acres. Sixty five percent of the SEZ project would comprise office buildings while the rest would be developed as a retail space and a hotel.
The office component will be developed in two phases. The first phase, comprising 1.4 million sq ft, is expected to be completed within 24-30 months. The second phase will be launched subsequently and completed in 60 months.
The company said the land parcel will be leased from Technopark for a period of 90 years with an additional renewal option of another 90 years. Brookfield Financial was the adviser to the transaction.
“The establishment of SEZ in India has been envisaged as an important strategic tool to expedite the growth of international trade and services. We are committed to be a part of this significant growth, with our exclusive SEZ project developments across locations,” said Jitu Virwani, chairman and managing director, Embassy Group.
The Embassy Taurus World Technology Centre is strategically located and has tremendous potential, with well-known firms planning major developments in the region, he said.
“Taurus has a legacy of more than four decades of successful investments across countries. Real estate is a focused play and we have been on the constant lookout for a suitable strategic partner for this venture,” said Ajay Prasad, country managing director, India – Taurus Investment Holdings LLC.
Together, Taurus and Embassy will develop a landmark project in a very exciting new market, he added.
Source: livemint.com