Embassy Office Parks REIT has provided on lease 1.94 lakh square feet office space in its commercial project in Mumbai to SMFG India Credit Co. Ltd.
Real estate consultant Cushman & Wakefield facilitated the transaction for SMFG.
In a regulatory filing, Embassy Office Parks REIT informed that SMFG India Credit has signed a lease agreement for 1,94,000 square feet at ‘Embassy 247’ project in Mumbai.
The project Embassy 247, is a premium office park, with a total area of 1.18 million square feet at Vikhroli.
SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.) is registered as an NBFC – Investment and Credit Company (NBFC-ICC) with the RBI, and a member of Sumitomo Mitsui Financial Group (SMFG).
SMFG India Credit started its India operations in 2007 and has established a pan-India presence. It has 729 branches and over 16,500 employees.
With this deal, SMFG India Credit aims to consolidate its offices in Powai and Andheri into a single office.
SMFG India Credit’s Corporate office will continue to be in BKC, Mumbai.
Swaminathan Subramanian, Chief Operating Officer at SMFG India Credit, said the facility will house over 2,000 of its employees.
Aravind Maiya, Chief Executive Officer, Embassy REIT, said this project is one of its flagship assets in Mumbai, and the company has made significant investments over the years to elevate the overall experience for occupiers.
Sumitomo Mitsui Financial Group (SMFG) holds a 74.9 per cent stake in SMFG India Credit Co. Ltd.
Embassy REIT is India’s first publicly-listed Real Estate Investment Trust (REIT).
It owns and operates a 45 million square feet portfolio of nine office parks and four city‑centre office buildings in Bengaluru, Mumbai, Pune, and the National Capital Region (NCR).