Xander sells Bengaluru office building to Embassy REIT for ₹852 crore
Bengaluru: Investment firm Xander Group Inc. has sold an office building in Bengaluru’s Embassy Golf Links business park to Embassy Office Parks REIT. ₹852 crore, said a person familiar with the development.
The entire Pinehurst building has been leased to Fidelity India. Office platform Xander India had acquired it from Sanjay Ghodawat Group. ₹350 crore in 2018 to expand its commercial office portfolio in India.
Embassy REIT said on Wednesday that it has signed definitive agreements to acquire a 0.3 million square meter property as part of its growth strategy. He refused to disclose details of the seller and the tenant. The people mentioned above, who did not want their names to be disclosed, said, “Xander will exit the investment after the deal is completed.” Real estate consultancy JLL India is the transaction advisor.
Amit Shetty, managing director of Embassy REIT, said: “Bengaluru remains the office capital of India and Embassy Golf Links is home to some of the world’s most influential technologies and GCCs (global talent centres). This acquisition, a 100% leased, long-term asset backed by a leading global investment firm, further strengthens our presence in this leading micro market.”
Embassy REIT is India’s first publicly listed REIT and the largest office REIT in Asia. It owns and operates a 50.8 million sq ft portfolio of 14 office parks in Bengaluru, Mumbai, Pune, National Capital Region and Chennai.MintI could not immediately reach Xander for comment.
Real estate investment trusts, or REITs, often purchase third-party assets and right of first offer (Rofo) assets from sponsors to expand their portfolios. For example, the Embassy REIT-Xander transaction is a third-party acquisition.
Helping investors get a share of the income without having to buy the property by aggregating income-producing real estate assets, such as real estate, office parks and shopping malls. Securities and Exchange Board of India (Sebi) regulations require at least 80% of a REIT’s assets to be completed and income-generating.
India’s Reit boom
There are four publicly held office Reits in India. The other three are Mindspace Business Parks REIT, Brookfield India Real Estate Trust (BIRET) and Knowledge Realty Trust (KRT). Net operating income, occupancy levels and distributions for all of these office REITs increased in the first half of FY26. Mint reported in November. This situation is expected to continue in the second half due to demand and rentals from Gulf Cooperation Council countries and local residents.
Other REITs are also buying assets. Last week, Mindspace REIT announced the acquisition of two office assets One in Mumbai and one in Pune from sponsor K Raheja Corp ₹2,916 crore. And Brookfield Reit said in November that it plans to acquire a 100% stake in Ecoworld, a 7.7 million sq ft Class A office park in Bengaluru. ₹13,125 crore. The property is currently part of Brookfield Properties’ portfolio.
India’s REIT market has shown significant growth in the last six years; The total market capitalization of these companies increased from $3.1 billion in Fiscal Year 2020 to $19 billion as of September 30, 2025.
There was only one Reit listed in the country in 2019 and there are now five, including Nexus Select Trust, the only retail-focused Reit in India. These five REITs collectively control 174 million square feet of leasable office and retail space, real estate consultancy JLL India said in a report this week.
