Deal strengthens fund’s presence in one of Bengaluru’s largest technology hubs
EAAA Alternatives, a leading alternative asset management firm in India, has acquired approximately 376,000 square feet of office space at Greenheart Tech Park, part of Embassy Manyata Business Park in Bengaluru, for ₹530 crore. The acquisition has been made through its commercial real estate fund, Rental Yield Plus (RYP).
Embassy Manyata Business Park is owned by Embassy REIT, India’s first listed Real Estate Investment Trust and the largest office REIT in Asia by area.
Third Investment by Rental Yield Plus Fund
This transaction marks the third investment by the Rental Yield Plus Fund, further consolidating its ownership within Greenheart Tech Park. With this acquisition, the fund’s total holding within Greenheart Tech Park now stands at approximately 1.5 million square feet, strengthening its footprint in one of Bengaluru’s most prominent commercial office destinations.
Greenheart Tech Park forms a key part of Embassy Manyata Business Park, which is among the city’s largest integrated business parks. The campus hosts a diverse mix of global occupiers across sectors including manufacturing, BFSI, technology, consulting, automotive, consumer goods, lifestyle brands, and flexible workspace operators.
Industry participants view the park’s scale, tenant diversity, and location as critical factors underpinning its long-term attractiveness and rental stability.
Strategic Expansion in a Resilient Office Market
Commenting on the acquisition, Subahoo Chordia, CEO, EAAA Alternatives, said the deal reflects the firm’s long-term commitment to high-quality real assets.
“This is our 35th asset acquisition in the real assets business and demonstrates our interest and capability in investing in and aggregating high-quality assets.”
According to the company, Bengaluru continues to be one of India’s most resilient office markets, driven by sustained demand from global enterprises, technology firms, and flexible workspace providers.
Focus on Value Enhancement and Portfolio Synergies
Gautam Hora, Managing Director, Rental Yield Plus Fund, highlighted the strategic rationale behind increasing ownership within a single business park.
“This transaction reinforces our commitment to acquiring prime assets in India’s most resilient markets. Strengthening our ownership at Greenheart Tech Park allows for a more cohesive management approach, providing us the opportunity to execute our value-enhancement strategy and drive superior outcomes for our tenants and investors.”
Higher ownership concentration within the same campus is expected to improve operational efficiencies, tenant engagement, and long-term asset performance.
Embassy REIT Aligns with Capital Recycling Strategy
From the seller’s perspective, the transaction aligns with Embassy REIT’s broader portfolio optimisation strategy.
Amit Shetty, Chief Executive Officer, Embassy REIT, said the divestment would support future growth initiatives.
“We are pleased to conclude this transaction which creates long-term value for our stakeholders. This divestment aligns with our capital recycling strategy, enhances portfolio efficiency, and provides us with greater flexibility to reinvest in new opportunities.”
Capital recycling through selective asset sales has become a key strategy for REITs, allowing them to reinvest proceeds into new developments, acquisitions, or balance sheet optimisation.
Growing Institutional Interest in Indian Office Assets
The deal underscores the continued appetite of domestic alternative investment managers for stabilised, income-generating office assets in top-tier business parks. With strong occupancies, diversified tenant bases, and institutional-grade infrastructure, large technology parks such as Embassy Manyata remain preferred investment destinations for yield-focused real estate funds.
As India’s office market continues to benefit from global capability centres, IT services expansion, and flexible workspace demand, transactions of this scale are expected to remain a key feature of the commercial real estate landscape.
Also Read: India’s Office REIT Market Sees Big Headroom: Only 23% of 520 Mn sq. ft. Listed So Far
