Another milestone: Embassy Group and Hilton ink dual-brand hotel dealsAnother exciting quarter at Embassy Office Parks. Several new initiatives on which we have been working have crystallised and we continue to expand our geographies. The construction work at our new SEZ project in Chennai, Embassy Splendid TechZone, has started in full swing with over 1.5m sq ft of premises now under construction for delivery in 2018.
The Energize programme continues to actively engage with employees of our occupier organizations. This quarter saw the 5-a-side football tournament draw over 150 registrations and 64 teams battle it out in the knock out rounds, an amazing Embassy’s Got Talent with over 4000 participants and the start of our regular Friday morning Energize Run Club in Embassy Manyata.
The Hilton at Embassy Golf Links has been a resounding success for our Corporate Occupiers since it opened in August 2014. And we plan to replicate and enhance this success. In October, Embassy Group and Hilton signed one of the largest dual – branded hotels deal in the country for two hotels at Embassy Manyata Business Park. Current design is for 586 rooms under dual brands – Hilton and Hilton Garden Inn. The designs are underway and construction is targeted to begin in 2017 with product launch by 2020. The project has been designed by Singapore based designer Andy Fisher Workshop, and the hotels will feature approx. 50,000 sq ft of flexible meetings and events space to accommodate up to 1500 people. It will also include a F&B hub and two commercial office towers.
Proposal for REIT listing
Embassy Group has been evaluating various capital raising options from time to time, in line with its growth objectives. One of the options being evaluated by us is to consider a listing of select assets through the real estate investment trust (REIT) route, subject to receipt of requisite approvals, market conditions and other considerations. In this regard, Embassy Property Developments, has filed an application before the Securities and Exchange Board of India for an in-principle approval to register a REIT in India, making it the first company to do so in India. Real Estate Investment Trusts (REITs) have been operating successfully in US, European, Asian and Australian markets for decades and offer investors a liquid, yield with growth investment product. Our next edition of Globe will give more detail on the world of REITs.
Community development initiatives
Embassy Group is committed to playing our part in the positive development of our society through local communities - with a particular focus on education. Our Corporate Social Responsibility programmes include the provision of financial and logistical support to set up computer labs, library programmes, school sanitation, and support on physical building works eg solving waterlogging problem for the 15 government schools with 4000 pupils with which we work. This year we have also initiated our Corporate Connect programme where we are collaborating with a number of our corporates to provide better educational and related infrastructural facilities to the government schools in the direct vicinity of our Office Parks.
We also support non-profit trusts that work for primary care and dialysis services for the low income and under privileged communities. We continue to be committed to responsible environmental practices and green initiatives. You can read more about our initiatives in this issue.
All of us at Embassy Group wish our 175+ Corporate Occupiers, our many Investors and those 200,000+ employees who work in our various properties and business parks the very best in this festive season.
– Mike Holland
CEO, Embassy Office Parks