BANGALORE: Southern real estate major Embassy Group is in discussions with HDFC Ltd for a bridge loan of Rs 1,000 crore to finance the acquisition of Vrindavan Tech Village, a 2.1-million tenanted IT park in Bangalore, said multiple sources briefed on the matter.
Earlier this year, Embassy Group promoter Jitu Virwani had signed an agreement with the promoters of VTV to purchase the 106- acre tech park for Rs 1,951 crore. This was one of the biggest commercial real estate deals in Bangalore's history and by far the largest in India in the ongoing calendar.
The acquisition was to be funded through a mix of debt and equity in the ratio of 45:55. The VTV buyout was to be structured around private equity major Blackstone and Embassy jointly taking out the tech park's founder shareholders.
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