Embassy agreed to buy 73.4% in Mac Charles last month for about 644 crore.
BENGALURU: Indiabulls has loaned 800 crore to Embassy Group to help the southern property developer acquire the listed Mac Charles, which owned the Le Meridien hotel in Bengaluru, according to people familiar with the matter.
Embassy agreed to buy 73.4% in Mac Charles last month for about 644 crore. The deal is being completed on Tuesday and will trigger a mandatory open offer to public shareholders. Embassy chairman Jitu Virwani confirmed the acquisition financing pact with Indiabulls without specifying the details. Indiabulls could not be reached for immediate comments. Le Meridien, spread over 3 acres at the heart of the city and overlooking the Bangalore Golf Club, has 197 rooms and suites.
The deal also gives Embassy access to other hospitality projects in Kochi.
Walls N Roof Comment : Embassy Group is a pioneer in the field of real estate development primarily in the commercial sector. The group has developed 28 mn sqft of commercial properties and 6 mn sqft of residential assets. Some of their developments include Embassy Golf Links, Embassy Manyata Business Park, Embassy TechVillage, Embassy TechZone etc. This acquisition will not only help them increasing their diversified portfolio but also adds news assets to their brand name thereby enhancing the brand value.