EAAA Alternatives, a leading alternative asset management firm in the Indian market, has diversified its commercial property space with a major acquisition in Bengaluru. The company has made the acquisition through its vehicle, which is specifically focused on its commercial property investments, namely Rental Yield Plus (RYP) Fund. It has bought around 376,000 square feet of office space in Greenheart Tech Park, which is a part of Embassy Manyata Business Park, at a consideration of INR 530 crore.
Embassy Manyata Business Park is owned by Embassy REIT. It is the first Real Estate Investment Trust to be listed in India and is the largest office REIT in Asia by size. It is one of the most iconic tech and business hubs in Bengaluru and is well-known for its size, infrastructure standards, and strong occupierclist of leading global and Indian companies.
This transaction represents the fund’s third investment and helps to strengthen EAAA Alternatives' ownership stake within the Greenheart Tech Park campus. Additionally, with this acquisition, it can be noted that its total ownership stake within the campus of Greenheart now stands at around 1.5 million square feet.
Embassy Manyata Business Park, positioned in the prime commercial zone of North Bengaluru, has proved to be a major integrated business park in Bengaluru, being a backbone of the commercial real estate market in the city. Manyata’s tenant base consists of occupiers across a broad sector range, such as manufacturing, banking & financial services, lifestyle & consumer products, automotive, technology, flexspace operators, and management consultants. Embassy Manyata Business Park’s size, tenant mix, and connectivity have always enabled a high occupancy ratio, without any negative impact on rents.
Speaking on behalf of the acquisition, Subahoo Chordia, Chief Executive Officer of EAAA Alternatives, stated, this is our 35th asset acquisition in the real assets business and it is a testament to our continued interest and capability to invest in and aggregate quality assets. Our strategy is to pursue institutional grade properties which offer stable income visibility.
Gautam Hora, the Managing Director of the Rental Yield Plus Fund, also noted the significance of the deal, saying, This acquisition further sustains our commitment to buy prime assets in the best-resilient Indian office markets. By enhancing our presence at the Greenheart Tech park, it now facilitates a more cohesive management strategy. Our expanded presence of about 1.5 million sq. feet in Embassy Manyata Core positions us well for implementing our value creation strategy and providing outstanding outcomes for both occupiers and investors, he stated.
From the buying side, this is an expansion of their existing relationship through their strategic partnership agreement with private equity firm Continuty Capital Partners. The CEO of Continuty Capital Partners, Adeeb Ahmed, stated that this transaction is a further step in our strategic relationship and helps to realize our vision of delivering exceptional performance and building a leading European real estate business over the long term.
The acquisition has been made at a time when the office realty market in India is still exhibiting signs of strength in terms of the demand for realty space from capability centers and tech companies in regions like Bengaluru. The trend among international investors is witnessing a steady shift towards income-rich and well-leased realty premises located in established business parks—a trend that is perceived to reflect market confidence in the Indian office realty market.
This new round of investment also strengthens EAAA Alternatives’ positioning as an active player in the Indian institutional office market. Meanwhile, the Rental Yield Plus Fund continues its efforts to build a high-quality and income-focused portfolio after marking key properties in strategic locations.
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