Real Estate

Embassy REIT gets offer to buy 6.2 million square feet office premise in Bengaluru

Anil Urs Bengaluru | Updated on November 12, 2019

Embassy Office Parks REIT (Embassy REIT) has got an invitation to right of first offer from Embassy Property Developments Pvt Ltd certain subsidiaries and other shareholders for the potential sale of 6.2 million square feet (msf) of completed office premises and 2.5 msf of under-construction area in Embassy TechVillage, an integrated office park situated on the Outer Ring Road in Bengaluru.

Dividend Distribution

The Board of Directors of Embassy Office Parks Management Services Pvt Ltd(EOPMSPL), manager to Embassy REIT, at its board meet on Monday declared a distribution of ₹463 crore or ₹6 per unit for Q2. With this, cumulative distribution for 1H FY2020 totals ₹879.70 crore or ₹11.4 per unit. The record date for distribution is November 19 and the distribution will be paid on or before November 26.

Commenting on the company’s performance, Michael Holland, Chief Executive Officer of Embassy REIT, said, “We have reported another strong quarter of performance and distributions to our Unit holders through our underlying commitment to provide world class space solutions to global occupiers.”

Vikaash Khdloya, Deputy Chief Executive Officer and Chief Operating Officer of Embassy REIT said, “Our robust leasing activity reflects the scale and quality of our business and the continued strong market fundamentals. Our development program is progressing ahead of schedule and we are well capitalized to fund future inorganic growth opportunities.”

Published on November 12, 2019

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