Singapore-based investment manager Xander has sold its Pinehurst office building located at Embassy GolfLinks Business Park in Bengaluru to Embassy Office Parks REIT for ₹852 crore. The transaction represents a notable development in India’s listed REIT market, as per The Economic Times report.
The deal, which was first announced in December 2025, was completed on March 3, 2026, after the required formalities were finalised. Xander had originally acquired the Pinehurst property in 2018 for ₹340 crore as part of its India office investment strategy.
The sale at ₹852 crore indicates a gross multiple of more than four times on the invested equity over roughly an 8-year holding period.
The sale is significant as it marks the first instance of a listed REIT in India acquiring an office property from a third party rather than from its sponsor group. Traditionally, REITs in the country have mainly purchased properties held by their sponsors or developers.
India currently has 5 listed REITs with a combined portfolio exceeding 176 million square feet, according to data from the Indian REITs Association.
Office properties dominate these portfolios, supported by strong leasing demand across major markets such as Bengaluru, Hyderabad, Mumbai and Delhi-NCR, driven largely by global capability centres, technology firms and domestic occupiers.
Higher occupancy and rental growth in key office markets have lifted net operating income and distribution payouts for listed REITs in recent quarters.
A Cushman & Wakefield report said reclassifying REITs as equity instruments from January 2026 could boost capital inflows.
The change may allow active and passive equity funds to increase exposure within existing limits, improving liquidity, index inclusion, and price discovery.
Read More: Godrej Properties Acquires 11.36 Acres In Gurugram For ₹4,500 Crore Residential Project!
Xander’s exit from the Pinehurst asset highlights both the maturity of India’s commercial real estate investment market and the evolving role of REITs in acquiring institutional-grade office properties.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Mar 5, 2026, 1:52 PM IST
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