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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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