Embassy REIT constructs & launches key flyover at Embassy Manyata Business Park
- ₹183 crores invested towards streamlining traffic around one of India’s largest business parks
- Eased commute benefits local communities, improves air quality and enhances pedestrian safety
- Flyover will service South India’s largest hotel complex and conference centre opening in May 2022
Bengaluru, India, February 15, 2022
Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, today announced the opening of a 3-lane flyover at Embassy Manyata Business Park (‘Embassy Manyata’) in Bengaluru.
Constructed and funded by Embassy REIT at a cost of ₹183 crores, the project is a part of infrastructure initiatives in and around the park for which Embassy REIT has invested over ₹400 crores over the past 5 years. The flyover supports the local community and strengthens the total business ecosystem for the occupiers of Embassy Manyata, one of India’s largest business parks with an operational area of around 12 million square feet. Spread over 121 acres, Embassy Manyata caters to over 100,000 employees from 42 top-notch corporates; and continues to be a major economic centre of Bengaluru contributing over ₹130 crores in various taxes annually. The flyover dovetails with and adds to the various under-development and upcoming infrastructure initiatives in the park, including South India’s largest hotel and conference centre slated to open in May 2022.
This 1 km flyover is located on Outer Ring Road in Bengaluru from Veeranna Palaya towards Hebbal. It is expected to reduce traffic moving towards Hebbal and KR Puram and also ease the commute to reach the Bengaluru International Airport. This significant public infrastructure upgrade is expected to decongest traffic on the stretch by up to 70%, curtail travel time by 15 minutes for over 2 lakh daily commuters and reduce pollution substantially in the area.
The project was delivered in record time; and its aesthetics and design reflect the ethos of Bengaluru and its progressive people, and the combined efforts of government and other stakeholders on energy conservation, water stewardship and environmental protection.
The flyover was inaugurated today in the presence of Shri. Basavaraj Bommai, Honourable Chief Minister of Karnataka, Jitu Virwani, Chairman & Managing Director of Embassy Group, Aditya Virwani, COO of Embassy Group and Michael Holland, Chief Executive Officer of Embassy REIT.
Jitu Virwani, Chairman of Embassy REIT and Chairman & Managing Director of Embassy Group, said,
"We are delighted to launch the flyover at Embassy Manyata which is a perfect example of Embassy REIT’s infrastructure and amenity upgrade investments to enhance the total-business-ecosystem offering that our parks provide, creating an unmatched value proposition for our global occupiers. Embassy REIT, with the support of government authorities, is delivering further such Public Private Partnership (‘PPP’) initiatives, like the upcoming metro station at Outer Ring Road near Embassy TechVillage, to enhance city infrastructure for the benefit of our occupiers and surrounding communities."
About Embassy Group
Embassy Group, a leading development firm in real estate commenced its operations in 1993 led by Jitu Virwani, Chairman and Managing Director of the group. The establishment has developed 62+ million square feet (‘msf’) of Commercial, Residential, Retail, Hospitality, Services, Educational and Industrial Warehouse spaces and holds an extensive land bank of 1,000+ acres across the country. The operation spans across Indian and international markets that include Bangalore, Chennai, Hyderabad, Pune, Coimbatore, Trivandrum, Serbia and Malaysia
About Embassy REIT
Embassy REIT is India’s first publicly listed Real Estate Investment Trust. Embassy REIT owns and operates a 42.6 million square feet (‘msf’) portfolio of eight infrastructure-like office parks and four city‑centre office buildings in India’s best-performing office markets of Bangalore, Mumbai, Pune, and the National Capital Region (‘NCR’). Embassy REIT’s portfolio comprises 33.6 msf completed operating area and is home to over 200 of the world’s leading companies. The portfolio also comprises strategic amenities, including two operational business hotels, four under‑construction hotels, and a 100 MW solar park supplying renewable energy to tenants.
This press release is prepared for general information purposes only. The information contained herein is based on management information and estimates. It is only current as of its date, has not been independently verified and may be subject to change without notice. Embassy Office Parks Management Services Private Limited (‘the Manager’) in its capacity as the Manager of Embassy REIT, and Embassy REIT make no representation or warranty, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness and completeness of the content hereof. Each recipient will be solely responsible for its own investigation, assessment and analysis of the market and the market position of Embassy REIT. Embassy REIT does not provide any guarantee or assurance with respect to any distribution or the trading price of its units.
This press release contains forward-looking statements based on the currently held beliefs, opinions and assumptions of the Manager. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of Embassy REIT or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, including the impact of COVID-19 on us, our occupiers and the Indian and global economies, recipients of this press release are cautioned not to place undue reliance on these forward-looking statements. The Manager disclaims any obligation to update these forward-looking statements to reflect future events or developments or the impact of events which cannot currently be ascertained, such as COVID-19. In addition to statements which are forward looking by reason of context, the words ‘may’, ‘will’, ‘should’, ‘expects’, ‘plans’, ‘intends’, ‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’ or ‘continue’ and similar expressions identify forward-looking statements.
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