Embassy Office Parks REIT (NSEI:EMBASSY) on April 6, 2024 announced the acquisition of a business park for INR 12,690 million and the plan to raise INR 25,000 million by selling units to investors mainly to fund the acquisition. In a regulatory filing, Embassy REIT informed that it has agreed to purchase Embassy Splendid TechZone (ESTZ), a Grade-A business park, from sponsor Embassy Group for an enterprise value of INR 12,690 million. "Embassy REIT intends to raise unit capital of INR 25,000 million, primarily to finance the acquisition and reduce the current 30% leverage of the portfolio, providing flexibility for future growth," it said.

The Board of the Manager to Embassy REIT has approved the acquisition of a business park and an institutional placement via an enabling resolution of up to INR 30,000 million, subject to unitholder approval. "At Embassy Group, our priority is to develop world-class office assets and support the expansion of the REIT's portfolio through a pipeline of opportunities that will help it to grow inorganically over the coming years," Jitendra Virwani, Chairman & Managing Director of Embassy Group, said.