Embassy REIT Reportedly Hires Bank to Raise Up to $400 Million from Investors
April 02, 2024 at 04:32 am EDT
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India's largest real estate investment trust, Embassy Office Parks REIT (NSEI:EMBASSY) plans to raise up to $400 million from investors, two sources with direct knowledge said, as it looks to meet demand for office space from global and local giants. The property group has appointed investment banks Morgan Stanley (NYSE:MS), and India's Kotak to run the deal, which it expects to complete by June, said the sources, who did not want to be named because the talks are private. The funds raised would be used to repay debt and acquire land in the southern city of Chennai, where Embassy is looking to bolster its presence, both sources said.
Embassy Office Parks REIT (Embassy REIT) is an India-based real estate investment trust. Embassy REIT owns and operates an approximately 45 million square feet (MSF) portfolio of nine infrastructure-like office parks and four city center office buildings in Bengaluru, Mumbai, Pune and the national capital region (NCR). Embassy REIT's portfolio comprises approximately 34.3 MSF completed operating area and is home to over 230 companies. The portfolio also comprises strategic amenities, including four operational business hotels, two under construction hotels and a 100 MW solar park supplying renewable energy to tenants. Embassy REIT segments include Commercial Offices, Hospitality and Other segments. Embassy REIT portfolio properties include Embassy Manyata, Embassy TechVillage, Embassy One, Embassy Business Hub, Express Towers, Embassy 247, Embassy TechZone, FIFC, Embassy Quadron, Embassy Qubix, Embassy Oxygen, Embassy Galaxy, Four Seasons at Embassy One and Hilton at Embassy GolfLinks.