S&R Associates is representing Embassy Office Parks REIT, India’s first listed real estate investment trust, in the proposed acquisition of 100% of the equity share capital of ESNP Property Builders and Developers (“ESNP”), a wholly-owned subsidiary of Embassy Property Developments, for an enterprise value of up to INR 12.69 billion. ESNP is a co-developer with 61% economic interest and the right to provide common area maintenance services in Embassy Splendid TechZone, a commercial real estate project in Chennai, India, which is expected to comprise a total leasable area of approximately 5 million sq. ft. upon completion. The transaction is subject to approvals and adjustments.
The S&R team is led by partner Radhika Iyer and counsel Prateek Sharma, and includes associates Nikhitha Tadigoppula, Henal Shah, Ananya Mittal and Naveen Kumar.
For reference, please see the stock exchange announcement below in relation to the transaction:
https://www.bseindia.com/xml-data/corpfiling/AttachLive/a366f45a-195f-4eaa-a771-3b7845528051.pdf