Xander sells B’luru office building to Embassy Reit for ₹852 cr

Investment firm Xander Group Inc. has sold an office building in Bengaluru’s Embassy Golf Links business park to Embassy Office Parks Reit for ₹852 crore, said a person aware of the matter.

- Madhurima Nandy

The building, Pinehurst, is fully leased to Fidelity India. Xander India’s office platform had bought it from Sanjay Ghodawat Group for ₹350 crore in 2018 to expand its commercial office portfolio in India.

Embassy Reit said on Wednesday it had entered into definitive agreements to acquire a 0.3 million sq. ft property as part of its growth strategy. It declined to disclose details of the seller and tenant. “Once the deal is closed, Xander will exit the investment,” said the people cited above, who did not wish to be named. Property advisory JLL India is the transaction adviser.