Investment firm Xander Group Inc. has sold the Pinehurst office building in Bengaluru’s Embassy Golf Links business park to Embassy Office Parks REIT for ₹852 crore, marking a significant third-party acquisition for the country’s largest office REIT.

The building, Pinehurst, is fully leased to Fidelity India. Xander India’s office platform had bought it from Sanjay Ghodawat Group for ₹350 crore in 2018 to expand its commercial office portfolio in India, according to a report by LiveMint.

Embassy REIT said on Wednesday it had entered into definitive agreements to acquire a 0.3 million sq ft property as part of its growth strategy. It declined to disclose details of the seller and tenant. “Once the deal is closed, Xander will exit the investment,” said the people cited above, who did not wish to be named. Property advisory JLL India is the transaction advisor.

Amit Shetty, chief executive of Embassy REIT, said, “Bengaluru continues to be India’s office capital, and Embassy Golf Links is home to some of the world’s most influential technology and GCCs (global capability centres). With a 100%-leased, long-tenured asset anchored by a leading global investment firm, this acquisition further strengthens our presence in this premier micro-market.”

Embassy REIT is India’s first publicly listed Reit and the largest office Reit in Asia. It owns and operates a 50.8 million-sq-ft portfolio comprising 14 office parks in Bengaluru, Mumbai, Pune, the National Capital Region, and Chennai.

Real estate investment trusts or Reits typically acquire third-party assets and right-of-first-offer (Rofo) assets from sponsors to expand their portfolios. The Embassy REIT-Xander transaction, for instance, is a third-party acquisition.

Reits pool income-generating real estate assets such as office parks and shopping malls to help investors earn a share of the income without having to purchase the properties. Securities and Exchange Board of India (Sebi) regulations require at least 80% of a Reit’s assets to be completed and income-producing.

India has four publicly listed office Reits. The other three are Mindspace Business Parks REIT, Brookfield India Real Estate Trust (BIRET) and Knowledge Realty Trust (KRT). All these office Reits saw their net operating income, occupancy levels and distribution grow in the first half of FY26, Mint reported in November. This is expected to continue in the second half, driven by demand and leasing from GCCs and domestic occupiers.

Other Reits have also been acquiring assets. Last week, Mindspace REIT said it acquired two office assets in Mumbai and one in Pune from sponsor K Raheja Corp for ₹2,916 crore. And Brookfield Reit said in November it plans to acquire a 100% interest in Ecoworld, a 7.7 million sq ft Grade A office park in Bengaluru, for ₹13,125 crore. The property is currently part of Brookfield Properties’ portfolio.