Target Corporation India Pvt Ltd, the Indian arm of US retailer Target, has expanded its footprint in Bengaluru by leasing 8.31 lakh sq ft of office space at the Embassy Manyata Business Park, owned by Embassy REIT, under a 10-year agreement, according to documents obtained by Propstack.
With a total rental commitment of approx. ₹The transaction, worth Rs 1,250 crore over the lease term, is one of the largest office leasing deals signed by a Global Competence Center (GCC) in the city.
The company took this place on monthly rent ₹105 per square foot, i.e. approx rent expense ₹8.7 crore per month. Also paid security amount of Rs. ₹52.36 crores. Lease deed documents reveal that the lease agreement includes a 15% rent increase every three years.
Documents show Target has leased the ground floor and 10 upper floors of the building, with the lease beginning Sept. 1, 2025.
“The acquisition of a massive 8.3 lakh sq ft lease at the Embassy Manyata Business Park underlines the growing trend among top-tier Global Capability Centers (GCCs) to expand operations within a familiar technology ecosystem. By securing the entire new 11-floor block (G to 10), the retail giant is effectively strengthening and expanding its footprint inside the complex. This multi-year commitment is, according to an estimate, valuable ₹Raja Sitharaman, co-founder, Propstack, said, “The investment of Rs 1,250 crore over its tenure highlights the enduring premium that major tech hubs like Bengaluru command for quality institutional real estate.”
Spread over 121 acres along Bengaluru’s Hebbal-Airport corridor, Embassy Manyata Business Park is one of Asia’s largest integrated office ecosystem. With a leasable area of approximately 17.2 million square feet, the business park comprises more than 25 operational buildings, housing more than 60 multinational companies and serves as a thriving workplace for over 100,000 professionals.
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Emails have been sent to Embassy REIT and Target. Story will be updated upon response.
What are REITS?
REITs are investment vehicles that own or operate income-producing real estate, allowing investors to earn a share of the income produced without purchasing the properties outright. As per regulations, REITs distribute income to unitholders in various forms, including dividends.
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There are six listed REITs in India Brookfield India Real Estate TrustEmbassy Office Parks REIT, Knowledge Realty Trust, Mindspace Business Parks REIT, Nexus Select Trust and Bagman Prime Office REIT.
India’s real estate investment trust (REIT) and infrastructure investment trust (InvIT) markets can attract additional investment pools of approximately ₹11.6 trillion by 2030, while assets under management (AUM) are expected to more than double ₹20 trillion, according to a report by Avendus Capital.
report, title Trust Structure: REITs, InvITs and actual return requirementSaid that India is listed real estate ecosystem Despite rapid growth over the past decade, it is still in its nascent stage.
“In just 9 years, India’s REIT and InvIT market has grown by almost ₹10 tons of assets under management and approx. ₹5 tons of market capitalization. “Yet, based on our projections, the next phase of growth could be much larger,” the report said.
Bengaluru India has emerged as the top office market with an extraordinary 70% GCC share capturing 24.8% of the national leasing volume in the January-March quarter of 2026. highest concentration According to a JLL report, the office space leasing share in two years stood at 24.8%, followed by Mumbai with 19.5% share, Hyderabad with 16.8% share, Pune with 14.5% share and Delhi NCR with 14.2% share.
