Embassy REIT raises Rs 7.5 bn through NCDs
This fund is the second one to be raised through the NCD route. September 2020
Bengaluru-based Embassy Group has launched its newest asset class Olive by Embassy, the next-gen living community in India. Olive is purpose built for young working professionals and students in a world class safe and secure environment. With millennials forming the largest population at 34 per cent, India is set to become the youngest country in the median age of 29. The need of the hour is organised, affordable and thoughtfully planned communities that will disrupt the market and address the social issue of non-existent purpose built co-living supply for this increasing segment of consumers.
Olive will launch its first experiential centre in the heart of Whitefield in Bengaluru and its flagship project in Chennai with 2,500 beds this year. The expansion plans include Bengaluru, Hyderabad, Mumbai, Pune and Delhi-NCR with a vision to take the brand international over the next few years. The first phase will see the launch of 20,000 beds in total; Bengaluru: 15,000; Chennai: 2,500; and Pune: 2,500. The projects in Bengaluru include large facilities at Embassy Manyata Business Park and Embassy Techvillage, Magarpatta and Hinjenwadi in Pune and OMR in Chennai. Olive by Embassy projects will range from 500 to 5,000 beds and be customised with diverse formats and priced competitively to suit respective markets.
Aditya Virwani, COO, Embassy Group and Co- Founder Olive, said, “The shared economy concept has percolated all aspects of society, creating unprecedented disruptions as well as opportunities. Today, it is not just the scarcity of spaces or living in congestion that are driving co-living, but also the affordability and flexibility, aspirations of the current generation, transition from owning to sharing, the digital economy and the technological innovation. There are over 36 million students in higher education and the migrant millennial workforce is growing at a rapid pace across metros. Olive by Embassy aims to uplift the standard of living for this segment with hospitality services and an ecosystem that will support our country’s youth in their academic and professional pursuits. Additionally, our co-living projects will complement and add value to our large tenant base at our Embassy Office Parks.”
The rooms and living spaces at Olive by Embassy are designed efficiently for members to socialise comfortably with a quality palette of furniture, furnishes and functionality to elevate the communal living. Each Olive property will be highly amenitised with wellness centres, cafes, chill out areas, cook and share kitchens, cinema, gaming, music and karaoke rooms, laundry, convenience stores, co-working areas and rooftop terraces. Olive will create a Residence Club that will enable access to its members across all Olive by Embassy locations through a cutting-edge mobile app. Members will be able to do all their on-boarding steps, manage their contract, pay bills, avail maintenance services, connect with other members, join activities and take advantage of exclusive offers and services.
“It’s in our best interest for our members to be happy and lead an active lifestyle. Happy people are more successful in life. Our mission is to empower them to achieve their full potential. Olive by Embassy provides the necessary platform and infrastructure for our members to flourish; our members will benefit from community offerings like business and networking, music, arts and culture, travel and adventure, volunteering and charity, sports and leisure among other opportunities. The partnerships with fitness centres, bike share, ride hailing services, etc, will add to the party. We hope that this will help enhance personal development and learning as well as minimise social isolation” said Kahraman Yigit, Co-Founder and CEO, Olive.
Olive by Embassy projects are designed and developed by UK-based design consultancy Priestman Goode. The studio is widely recognised as at the forefront of innovation in the design of small spaces. Having designed countless aircraft interiors and compact hotel rooms, Priestman Goode excels in creating flexible, highly functional spaces that are both beautiful and fit for purpose.
Paul Priestman, Chairman, Priestman Goode, said, “We are proud to have worked with Embassy Group to create this new brand of co-living. We have created something that offers young people a good quality of life, in a market where there is little choice. Olive is a place that feels like home and gives users the privacy they need when they want it, with all the facilities of a luxury hotel, and common spaces for shared experiences. The attention to detail is across every element of our designs, from the logo mark and the application of the brand on different platforms, to the interiors, where each element of the room has been designed bespoke, to create a beautiful and highly functional space.”