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Hindustan Times
a day ago
- Business
- Hindustan Times
Apple India leases 2.7 lakh sq ft office space from Embassy Group in Bengaluru for 10 years at over ₹1,000 crore
Apple India Pvt Ltd has leased around 2.7 lakh sq ft of office space in real estate developer Embassy Group's project Embassy Zenith in Bengaluru for a 10-year term, with a total rental outlay of over ₹1,000 crore, setting a benchmark with lease rates touching almost ₹235 per sq ft per month, documents accessed by Propstack showed. Apple India Pvt Ltd has leased about 2.7 lakh sq ft of office space in real estate developer Embassy Group's project Embassy Zenith in Bengaluru for a 10-year term (Representational photo)(Pixabay) The tech giant will pay a total of ₹1,010 crore over 10 years, inclusive of rent, parking, and common area maintenance charges, the documents showed. The iPhones and IPads maker has leased nine floors, from the 5th to the 13th, with a carpet area of 1.96 lakh sq ft and a chargeable area of 2.68 lakh sq ft in Bengaluru's Sankey Road from Mac Charles (India) Ltd. Apple will pay ₹6.31 crore per month, translating to ₹235 per sq ft. Apple will receive a total of 362 car parking spaces as part of the deal, the documents showed. The company has deposited ₹31.57 crore as security, and the agreement includes an annual rent escalation of 4.5%, the documents showed. The company also has the option to lease additional space measuring 1.21 lakh sq ft across the ground to fourth floors, the documents showed. An email query has been sent to Apple India Private Limited and Embassy Group. The story will be updated if a response is received. Apple Inc has leased office space in a commercial project on a 2.3-acre land parcel, previously occupied by the Le Meridien hotel, overlooking Bangalore Golf Club and Cubbon Park. Embassy Group, which acquired the property years ago, is developing the tower comprising two basements, a ground floor, and 13 upper floors, the documents showed. 'Apple's 10-year commitment for prime office space in Bengaluru highlights their immense confidence in the Indian market. This investment in talent and operations runs parallel to their manufacturing scale-up for iPhones with companies like Foxconn. Together, these moves solidify India's crucial position at the heart of Apple's global supply chain and innovation efforts,' said Raja Seetharaman, co-founder Propstack. Other Apple India transactions in Bengaluru In May 2025, Apple India leased 7997.8 sq ft of retail space in North Bengaluru's upscale Phoenix Mall of Asia for an annual rent of ₹2.09 crore for 10 years, according to documents accessed by Propstack. The lease has a tenure of 10 years with a 15% escalation in both rent and security deposit every three years. Apple has paid a security deposit of ₹1.046 crore, the document showed. Also Read: Bengaluru: Here's how Foxconn's iPhone plant is reshaping Devanahalli's real estate market The lease also included a revenue-sharing component, almost 2% of revenue for the first 36 months and 2.5% thereafter. However, revenue share payments are capped at twice the value of the applicable yearly minimum guaranteed rent, the document showed. According to media reports, in 2023 Apple leased several floors of Prestige Estates Projects' commercial building, Prestige Minsk Square, in Bengaluru's central business district on Cubbon Road, for 10 years at a starting monthly rent of ₹2.44 crore. Foxconn facility in Bengaluru Real estate experts note that Foxconn's facility in Bengaluru is already fueling demand for residential and commercial properties in Devanahalli, driven by rising employment opportunities and infrastructure development. Taiwanese electronics giant Foxconn's Bengaluru factory, its second-largest manufacturing unit, has commenced operation with production of iPhone 17 recently at a small scale, sources aware of the development told PTI. Also Read: Office leasing across top 8 cities clocks 48.9 mn sq ft in H1 2025; Bengaluru sees record absorption at 18.2 mn sq ft Foxconn is the largest manufacturer of iPhones, and the second-biggest facility outside China in Devanahalli near Bengaluru, being set up at an investment of $2.8 billion (about ₹25,000 crore). "Foxconn Bengaluru unit has commenced operation with the production of iPhone 17. This is in addition to the production of iPhone 17 at its Chennai unit," a source aware of the development told PTI.
Dublin Live
15-05-2025
- Entertainment
- Dublin Live
St Anne's Park upcoming gigs: Public transport, tickets and important information
Summer is here and some incredible musicians will descend upon Dublin over the coming weeks for outdoor shows. St Anne's Park has a busy schedule coming up, with seven events booked between the end of May and early June. Inhaler, The Lumineers, Rewind, Macklemore, Stereophonics, The 2 Johnnies, and The Corrs will be taking place at the venue. Here's everything you need to know ahead of the gigs: Public transport and parking at St Anne's Park Concert-goers should use public transport to get to the gigs and allow for at least an extra two hours travel time to and from the venue. St Anne's Park is within walking distance of Harmonstown DART station and is also served by Dublin Bus routes 6, H1, H2, H3 or 130 from Abbey St lower. There will be no public parking during the event and the car parks in St Anne's Park will not be open. Towing and clamping will be in operation. Items are prohibited from the concerts Large handbags and backpacks are not allowed. There are no storage or cloakroom facilities at St Anne's Park. Glass or cans, umbrellas, alcohol, garden furniture, selfie sticks, flares, professional cameras or cameras with a detachable lens, video cameras, audio recording devices, IPads and GoPros will not be permitted. Tickets for the gigs To grab last minute tickets for any of the upcoming tickets at St Anne's Park, click here. Join our Dublin Live breaking news service on WhatsApp. Click this link to receive your daily dose of Dublin Live content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. For all the latest news from Dublin and surrounding areas visit our homepage.
