HDFC extends funding of Rs 200 crore to DivyaSree’s Bengaluru commercial project – ET RealEstate

MUMBAI: Housing Development Finance Corp has extended Rs 200 crore funding to realty developer DivyaSree Infrastructure Projects for construction of a part of the commercial project Technopolis in Bengaluru, said two persons with direct knowledge of the development.

The non-banking finance company will charge below 11% interest for the loan with a total tenure of 48 months.

The construction finance loan is expected to be repaid in one single bullet payment of Rs 200 crore at the end of 48 month from the date of first disbursement or earlier at the option to be exercised by HDFC.

The loan will be serviced through monthly interest during this period.

The Bengaluru-based developer will be using the funds for construction of nearly 1 million sq ft development spread over 10 floors of Technopolis project.

The office building has been designed and being constructed as a built-to-suit project for a specific customer.

“As part of the agreement, the borrower has created an exclusive mortgage and charge over the said property in favor of HDFC,” said one of the persons mentioned above.

Technopolis is a 68-acre mixed-use project with a total development potential of 5.5 million sq ft, including commercial office spaces, residential villas and luxury apartments.

The under construction office spaces in this project are being developed as built-to-suit spaces for tenants like Xerox, Deloitte, Thomson Reuters, and Landmark Group totaling around 2.5 million sq ft.

ET’s email queries to HDFC remained unanswered until the time of going to press. DivyaSree’s Managing Director Bhaskar Raju declined to comment for the story.

Last year, private equity player Kotak Investment Advisors announced a $400 million fund in partnership with DivyaSree Developers to build and acquire commercial office assets across the country.

The developer has developed over 19 million sq ft office spaces since 2005 and has 6 million sq ft offices under construction across Bengaluru, Hyderabad and Chennai. It counts Cisco, Dell, Oracle, Google, Accenture, IBM, Wells Fargo, Cognizant, UBS among its clients.



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Apple in talks for 3.5-lakh sq ft Bengaluru office for retail centre – ET RealEstate

BENGALURU: India’s pandemic-battered commercial property leasing market is being propped up by deals in and around Bengaluru and Hyderabad, even as other big cities such as Mumbai and NCR see transactions limping back to normalcy.

Apple is negotiating with builders for a 350,000 sq ft office space in Bengaluru which will serve its global markets, and plans to open a large retail centre in the city, people in the know told ET.

There’s another big deal in the works — US-based financial services firm Wells Fargo is in talks for 1.4 million sq ft of office space in Hyderabad to expand operations. “Both the deals are expected to be signed in the next few days and in both cases the companies are expanding their footprint in India,” the people cited earlier said. “These facilities will be up by 2021.”

Apple’s new Bengaluru office is expected to come up at Prestige Mink Square. The company is also looking to step up manufacturing in the country.

Last month, Foxconn started assembling Apple’s top-end iPhones at its Chennai plant.
Apple in talks for 3.5-lakh sq ft Bengaluru office for retail centre

Separately, Wells Fargo is in discussion for a built-tosuit office space in Hyderabad with DivyaSree developers.

“Wells Fargo already occupies around 1.2 million sq ft in Hyderabad and is looking to further expand business,” said another person aware of the deal. An email query sent to Apple remained unanswered till as of press time.

The communications head of Wells Fargo, too, did not respond to ET’s messages and phone calls. Recently, MNCs including Google, Walmart, Amazon and Microsoft have either taken or are in the process of leasing large office spaces across Bengaluru, Hyderabad and Chennai for future growth.

In the first half of 2020, the southern property markets accounted for about 48% of the total office leasing in India compared with 51% in the same period a year ago.

As per Knight Frank’s latest report, Bengaluru contributed around 4.8 million sq ft of office space leasing in the country, while Hyderabad was at 2.2 million sq ft.



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