Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, today announced that JPMorgan Chase has inaugurated its 1.1 msf built-to-suit office at Embassy TechVillage in Bengaluru. This state-of-the-art facility, which has been designed to JPMorgan Chase’s world-class specifications is constructed on LEED (Leadership in Energy and Environment Design), GOLD Building standards that redefines the workplace experience for its employees. Spread over 103 acres, Embassy TechVillage is a large-scale total business ecosystem with a marquee multinational occupier base that is located in one of India’s best-performing office markets.
Jitu Virwani, Chairman & Managing Director of Embassy Group, said,
“We’re delighted to welcome JPMorgan Chase to Embassy TechVillage. This facility in India’s best business park is a fine home for the world’s largest bank. It’s also testament to how best-in-class office spaces are a must for best-of-breed talent that India provides and global corporations like JPMorgan Chase desire.”
Deepak Mangla, CEO, Corporate Centers, India & Philippines, JPMorgan Chase, said,
“This is a significant milestone for us and this new facility symbolizes our growth and our vision for the future. Bengaluru is home to some of the finest talent in the country and is an integral part of our global location footprint. With a focus on best-in-class technology, flexible and inclusive workspaces, holistic wellness and sustainability, the new campus is designed to transform the way we work, collaborate and innovate.”
Aravind Maiya, CEO, Embassy REIT, said,
“We’re proud to partner with JPMorgan Chase in their India growth journey. The delivery of this project post the pandemic and amidst significant global headwinds speaks to the resilience of Embassy REIT’s execution capabilities and our commitment to our occupiers. We wish JPMorgan Chase the very best and many happy years at Embassy TechVillage.”
Recognised for its modern infrastructure, exceptional office spaces, and amenities, Embassy TechVillage is a LEED platinum-rated business park on operations and maintenance. The property also recently opened its sprawling 8-acre Central Garden, which includes one of the biggest sports zones in Bengaluru, multiple retail, F&B and break-out spaces. In addition, the upcoming 518-keys dual-branded Hilton Hotels will further add to the overall moat of the asset.
About JPMorgan Chase in India
JPMorgan Chase is a leading global financial services firm with a presence in India since 1922 through its predecessors. The firm currently has more than 50,000 employees in India who provide critical technology and business operations support for every division of the firm. It serves clients in India through its local Investment Banking, Global Markets, Wholesale Payments, and Custody Services businesses. The firm continues to strengthen its presence in India with the addition of its new corporate center facilities in Hyderabad, Mumbai and Bengaluru.
The firm’s philanthropic investments have helped nearly 200,000 young people in India develop new skills and access to promising career pathways, supported nearly 426 micro- and small businesses and entrepreneurs recover and grow their enterprises, and helped catalyze new and innovative fintech solutions. The firm’s philanthropic commitments in India help advance a more inclusive and sustainable economy, complemented by the efforts of employee volunteer programs.
About Embassy REIT
Embassy REIT is India’s first publicly listed Real Estate Investment Trust. Embassy REIT owns and operates a 45 msf portfolio of nine infrastructure-like office parks and four city-centre office buildings in India’s best-performing office markets of Bengaluru, Mumbai, Pune, and the National Capital Region (‘NCR’). Embassy REIT’s portfolio comprises 34.3 msf completed operating area and is home to around 230 of the world’s leading companies. The portfolio also comprises strategic amenities, including four operational business hotels, two under-construction hotels, and a 100 MW solar park supplying renewable energy to tenants. Embassy REIT’s industry leading ESG program has received multiple accolades from renowned global institutions and was awarded a 5-star rating both from the British Safety Council and GRESB. Embassy REIT was also recognised as the world’s largest ‘USGBC LEED Platinum-Certified’ office portfolio (v4.1 O+M) by Green Business Certification Inc. For more information, please visit www.embassyofficeparks.com.
Disclaimer
This press release is prepared for general information purposes only. The information contained herein is based on management information and estimates. It is only current as of its date, has not been independently verified and may be subject to change without notice. Embassy Office Parks Management Services Private Limited (“the Manager”) in its capacity as the Manager of Embassy REIT, and Embassy REIT make no representation or warranty, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness and completeness of the content hereof. Each recipient will be solely responsible for its own investigation, assessment and analysis of the market and the market position of Embassy REIT. Embassy REIT does not provide any guarantee or assurance with respect to any distribution or the trading price of its units.
This press release contains forward-looking statements based on the currently held beliefs, opinions and assumptions of the Manager. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of Embassy REIT or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, recipients of this press release are cautioned not to place undue reliance on these forward-looking statements. The Manager disclaims any obligation to update these forward-looking statements to reflect future events or developments or the impact of events which cannot currently be ascertained, such as COVID-19. In addition to statements which are forward looking by reason of context, the words ‘may’, ‘will’, ‘should’, ‘expects’, ‘plans’, ‘intends’, ‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’ or ‘continue’ and similar expressions identify forward-looking statements.
This press release also contains certain financial measures which are not measures determined based on GAAP, Ind-AS or any other internationally accepted accounting principles, and the recipient should not consider such items as an alternative to the historical financial results or other indicators of Embassy REIT’s cash flow based on Ind-AS or IFRS. These non-GAAP financial measures, as defined by the Manager, may not be comparable to similarly titled measures as presented by other REITs due to differences in the way non-GAAP financial measures are calculated. Even though the non-GAAP financial measures are used by management to assess Embassy REIT’s financial position, financial results and liquidity and these types of measures are commonly used by investors, they have important limitations as analytical tools, and the recipient should not consider them in isolation or as substitutes for analysis of Embassy REIT’s financial position or results of operations as reported under Ind-AS or IFRS. Certain figures in this press release have been subject to rounding off adjustments. Actual legal entity name of occupiers may differ.
