Embassy Office Parks REIT’s unitholders have approved plans to raise up to Rs 8,000 crore.
Embassy REIT said its unitholders have approved all the four resolutions with the requisite majority.
About Company
Embassy REIT is India”s first publicly-listed REIT (Real Estate Investment Trust) sponsored by Blackstone and Embassy group.
The company has registered last year on Stock Exchange.
Investors and Other details
Unitholders have approved raising of funds through an institutional placement(s) of units of Embassy REIT to institutional investors in one or more placements.
They gave green signal to a preferential issue of up to 65,579,400 units of Embassy REIT at a price of Rs 356.70 per unit.
Fund Utilisation
The company is raising the fund mainly to finance its big-ticket acquisition of ‘Embassy TechVillage’ in Bengaluru.
Benefit
The acquisition will increase Embassy REIT’s commercial office portfolio by 28 per cent to 42.4 msf.
The acquisition further deepens their presence in Bengaluru, which remains India’s strongest office market, and significantly enhances the scale and ability to deliver embedded growth.
Similar event in past
Last month, Embassy Office Parks REIT has agreed to acquire a large business park ”Embassy TechVillage” in Bengaluru.
This Business park has acquired from realty firm Embassy group, Blackstone and some other investors for Rs 9,782.4 crore.
Embassy TechVillage is a large scale business park located on the leading Outer Ring Road sub-market of Bengaluru, with a diversified blue-chip and predominantly multinational-occupier base, including JP Morgan, Cisco, Sony and Flipkart.
The REIT also plans to refinance this Embassy debt facilities of up to Rs 3,600 crore through a combination of equity and issuance of new coupon-bearing debt.
Press the Bell Icon for notifications of all updates.
