October 6, 2023: SMFG India Credit Co, part of Japanese conglomerate Sumitomo Mitsui Financial Group (SMFG), and Singapore’s Fullerton Financial Holdings (FFH) together signed a lease agreement with Embassy REIT for a 1.94 lakh square foot (sqft) office space. Located at Mumbai’s Embassy 247, it is Embassy REIT’s biggest office space in India.
With this deal, SMFG India Credit aims to consolidate its offices in Powai and Andheri into a single office, and establish a strategic centralised location for back and mid-office functions for over 2,000 employees. Real estate services firm Cushman & Wakefield facilitated this transaction for SMFG. SMFG India Credit’s Corporate office will continue to be in Bandra Kurla Complex (BKC), Mumbai.
Embassy 247, owned by Embassy REIT, is a Grade-A office park with a total area of 1.18 million square foot (msf) in Mumbai’s eastern suburb of Vikhroli. Strategically located and well-connected to all major modes of transport, Embassy 247 houses marquee names from the BFSI sector and large Indian conglomerates. SMFG India Credit has leased the office space, spread across ground, first and eleventh floors of Embassy 247.
Swaminathan Subramanian, chief operating officer at SMFG India Credit, said, “The decision to lease this new office space reflects our commitment to providing exceptional workspaces for our employees. SMFG’s presence in India is expanding, and we wanted to have a strategically located, high-quality business space with cutting-edge infrastructure for our employees. Embassy 247 fitted perfectly into this criterion. The facility, which will house over 2,000 of our employees, will boast of the latest interior fit-outs and technology, as well as access to a variety of amenities. We are looking forward to a long-term partnership with Embassy REIT.”
Aravind Maiya, chief executive officer, Embassy REIT, said, “Embassy 247 is one of our flagship assets in Mumbai, and we’ve made significant investments over the years to elevate the overall experience for our occupiers. As long-term asset owners, we’re committed to enhancing the quality and scale of our portfolio with a focus on providing total business ecosystems that include not only state-of-the-art work places, but also supportive infrastructure, creating an attractive and sustainable environment for businesses.”
Gautam Saraf, managing director, Mumbai and new business, Cushman & Wakefield, said, “SMFG wanted to give their employees an unparalleled work environment, and attract and grow their talent base in Mumbai as it looks to expand its operations. We are delighted to have found the right asset for them at Embassy 247, which is a Grade A space that not only offers strategic locational advantage and great connectivity, but also helps them capitalise on market opportunities.”
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