Embassy REIT raises Rs 750 cr via NCDs



Embassy Office Parks REIT (Real Estate Investment Trust) on Tuesday said it has raised Rs 750 crore by issuing debentures on private placement basis and will use the funds for completing ongoing commercial projects and recent acquisition.


In a filing to BSE, Embassy REIT said it has “successfully priced and allotted by way of a private placement, Rs 7.5 billion or Rs 750 crore of rupee-denominated, listed, rated, secured, redeemable, transferable non-convertible debentures (NCDs) at 6.70 per cent quarterly coupon”.


The NCDs will be listed on the Wholesale Debt Market of BSE.


Following our successful Rs 7.5 billion fundraise in September 2020, we are pleased to announce another competitively priced debt raise by Embassy REIT,” Michael Holland, CEO of Embassy REIT, said.


This successful placement once again demonstrates the strength of balance sheet and the underlying appeal of its business supported by the strong covenants of a largely multinational occupier base, he said.


Embassy REIT will use the funds to drive growth through on-campus development projects and recently announced accretive acquisition of Embassy Manyata and Embassy TechZone property maintenance.


On August 14, the Board of Embassy Office Parks Management Services, Manager to the Embassy REIT, approved the issue of NCDs in one or more tranches.


Embassy REIT, sponsored by realty firm Embassy Group and global investment firm Blackstone, owns and operates 33.3 million square feet portfolio of seven infrastructure-like office parks and four city-centre office buildings in India’s best performing office markets of Bengaluru, Mumbai, Pune, and the National Capital Region (NCR).


Embassy REIT’s portfolio comprises 26.2 million sq ft of completed operating area, and has an occupancy of 92.2 per cent as of June 30.


Embassy REIT is the country’s first listed REIT and the largest in Asia by area. It got listed in April last year after raising Rs 4,750 crore through public issue


Source: https://www.thehindubusinessline.com/news/real-estate/embassy-reit-raises-rs-750-cr-via-ncds/article32952681.ece

2 views
Mindcept-Logo.png

© MINDCEPT CONSULTING

  • Black LinkedIn Icon

DISCLAIMER: The information contained in this website is offered for illustration purposes only and is general information. We make no representations or warranties of any kind (express or implied) with respect to the information, products, services, statements, figures, calculations, plans, images, logos, related graphics and are purely indicative in nature only. Whilst all reasonable care has been taking in providing all information, however, We or / and our related companies or/ and our representatives, consultants or / and our agents accept no responsibility for its completeness, accuracy, reliability, suitability or availability of any information contained herein for any action taken in reliance thereon by any party. Any reliance on information as contained in this website does not constitute an offer, inducement, representation, warranty or contract and may be relied upon at one’s risk and consequences.