Target India Signs Rs12.5 bn Bengaluru Office Lease for GCC Expansion

26 Jun 2026 CW Team

Terms of the 10-year lease include total rent of Rs 12.5 billion payable over the duration, with a monthly rent of around Rs 87.3 million and a security deposit of Rs 523.6 million. The registered documents indicate a 15 per cent rent escalation every three years. The lease commenced on first September 2025 and was registered in April.

Propstack documents show the company will pay the sums as part of a fresh lease, and Embassy Office Parks Reit declined to comment on queries. People familiar with the matter said the new space represents an expansion by Target India, which already occupies around 600,000 square feet in the same park. The new allocation spans multiple floors and is intended to consolidate back-office and technology operations.

Market figures indicate that global capability centres led office leasing in India during January to March 2026, accounting for 9.1 million square feet or 44 per cent of the 20.7 million square feet absorbed in the quarter. A recent CBRE report noted that demand remained strong in Delhi-National Capital Region, Mumbai and Bengaluru, driven principally by Fortune 500 companies. Observers added that the trend has been a key driver of leasing momentum across major tech and commercial clusters.

Geographically, Bengaluru continued to capture the largest share of GCC activity, accounting for 48 per cent of overall leasing in the period, according to the report. Sectorally, e-commerce constituted 24 per cent of demand, followed by banking, financial services and insurance and technology at 20 per cent each, with research, consulting and analytics at 19 per cent. The Target lease reinforces Bengaluru’s position as a preferred hub for multinational capability centres.

The India arm of American retailer Target Corporation has leased 831,126 square feet at Embassy Manyata Business Park in Bengaluru for its global capability centre expansion. The agreement covers space in the new Nagawara building owned by Embassy Office Parks REIT and runs from the ground to the tenth floor. Transaction documents show the fresh lease will house the company’s India global capability centre. Terms of the 10-year lease include total rent of Rs 12.5 billion payable over the duration, with a monthly rent of around Rs 87.3 million and a security deposit of Rs 523.6 million. The registered documents indicate a 15 per cent rent escalation every three years. The lease commenced on first September 2025 and was registered in April. Propstack documents show the company will pay the sums as part of a fresh lease, and Embassy Office Parks Reit declined to comment on queries. People familiar with the matter said the new space represents an expansion by Target India, which already occupies around 600,000 square feet in the same park. The new allocation spans multiple floors and is intended to consolidate back-office and technology operations. Market figures indicate that global capability centres led office leasing in India during January to March 2026, accounting for 9.1 million square feet or 44 per cent of the 20.7 million square feet absorbed in the quarter. A recent CBRE report noted that demand remained strong in Delhi-National Capital Region, Mumbai and Bengaluru, driven principally by Fortune 500 companies. Observers added that the trend has been a key driver of leasing momentum across major tech and commercial clusters. Geographically, Bengaluru continued to capture the largest share of GCC activity, accounting for 48 per cent of overall leasing in the period, according to the report. Sectorally, e-commerce constituted 24 per cent of demand, followed by banking, financial services and insurance and technology at 20 per cent each, with research, consulting and analytics at 19 per cent. The Target lease reinforces Bengaluru’s position as a preferred hub for multinational capability centres.

Infrastructure Transport

06 Aug 2026

Surya Roshni delivers customised lighting for NCRTC RRTS stations

Surya Roshni has supplied customised indoor lighting solutions for 18 elevated stations on the National Capital Region Transport Corporation's (NCRTC) Rapid Rail Transit System (RRTS), strengthening its presence in India's infrastructure lighting segment.The project involved the design and deployment of lighting systems for platforms, concourses, foot overbridges (FOBs) and back-of-house (BOH) areas. According to the company, the luminaires were developed specifically to meet NCRTC's design, operational and performance requirements rather than using standard products.Surya introduced two custo..

Real Estate

06 Aug 2026

Hilton debuts Tapestry Collection brand in Vietnam

Hilton has opened NHAAN Resort & Spa Hoi An, Tapestry Collection by Hilton, marking the debut of the Tapestry Collection brand in Vietnam and expanding its lifestyle hospitality portfolio in Southeast Asia.Located along the Co Co River in Cam Thanh village, the 174-key resort provides access to Hoi An Ancient Town, Cua Dai Beach and the Cam Thanh Nipa Forest. The property has been designed by Vietnamese architect Vo Trong Nghia, incorporating biophilic architecture, locally sourced materials and riverfront landscapes.The resort offers a mix of guest rooms and suites, including family-frien..

Building Material

06 Aug 2026

Electrent expands lithium energy storage system portfolio

Electrent Energy has expanded its lithium-based energy storage portfolio with the launch of the ESS 850 and ESS 1050, targeting compact and maintenance-free power backup solutions for Indian homes.The new systems integrate a Home UPS and a LiFePO4 lithium battery into a single unit, extending the company's product range following the launch of its ESS 1350 and ESS 2500 models.Designed for apartments and smaller homes, the ESS 850 provides up to 1 hour 15 minutes of backup, while the ESS 1050 offers up to 1 hour 45 minutes on a typical 400 W household load. The systems can power essential appli..