Stocks

Embassy REIT raises ₹750 cr through NCDs at 6.70 per cent

Our Bureau Bengaluru | Updated on October 27, 2020 Published on October 27, 2020

Embassy Office Parks REIT (Embassy REIT), a listed REIT company, has successfully priced and allotted a private placement, ₹750 crore of rupee-denominated, listed, rated, secured, redeemable, transferable non-convertible debentures (NCDs) at 6.70 per cent quarterly coupon and maturing in October 2023.

The NCDs will be listed on the wholesale debt market of BSE.

Michael Holland, CEO of Embassy REIT, said “Following our successful ₹750 crore fundraise in September 2020, we are pleased to announce another competitively priced debt raise by Embassy REIT. This successful placement once again demonstrates the strength of our balance sheet and the underlying appeal of our business supported by the strong covenants of a largely multinational occupier base.” Funds raised will be used to drive growth through on-campus development projects and recently announced accretive acquisition of Embassy Manyata and Embassy TechZone property maintenance, he said and added: “We continue to maintain low leverage and remain very well placed to pursue further accretive growth opportunities to the benefit of our unitholders.”

Embassy Office Parks, first publicly listed REIT in April 2019, owns and operates a 33.3-million square feet portfolio of seven infrastructure like office parks and four city centre office buildings in Bengaluru, Mumbai, Pune and NCR.

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Published on October 27, 2020
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