Results: Embassy REIT income rises 12% to Rs 2,032 crore in FY21
Embassy Office Parks REIT on Thursday reported 12 per cent growth in net operating income to Rs 2,032 crore and distribution of Rs 1,836 crore to unitholders during the last financial year despite the COVID-19 pandemic.
Embassy REIT expects office demand to be muted over the next 2-3 quarters but sees strong recovery thereafter on pent-up demand.
The Board of Directors of Embassy Office Parks Management Services Pvt Ltd, Manager of Embassy REIT, declared a distribution of Rs 530.8 crore or Rs 5.6 per unit for the quarter ended March.
The cumulative distribution for FY2021 totals Rs 1,836.4 crore or Rs 21.48 per unit, which is on target with the guidance issued earlier by the management, the company said in a statement.
Embassy REIT board approves raising up to Rs 2,600 cr via NCDs
Embassy REIT board approves raising up to Rs 2,600 cr via NCDs
New Delhi, Jan 12: Embassy Office Parks REIT on Tuesday said its board approved raising up to Rs 2,600 crore through issuance of non-convertible debentures (NCDs) on a private place basis to fund its acquisition of commercial asset Embassy TechVillage in Bengaluru.
The debenture committee of the board of directors of the Embassy Office Parks Management Services has approved the issuance of 26,000 listed, rated, secured, redeemable, transferable, rupee denominated NCDs of face value of Rs 10 lakh per debenture, aggregating up to Rs 2,600 crore by Embassy REIT on a private placement basis, it said in a regulatory filing.
Embassy REIT raises Rs 3,680 crore via QIP; will use proceeds to fund IT park acquisition financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
Blackstone-backed Embassy Office Parks REIT (real estate investment trust) has raised Rs 3,680 crore ($501 million) through an institutional placement of its units. The proceeds from this placement will be utilised to fund the REIT’s proposed acquisition of information technology park Embassy TechVillage (ETV) in Bengaluru for $1.3 billion, which was announced in November. The transaction is expected to close by the end of this month. “The strong demand for our offering amid market uncertainties and the ongoing pandemic is testament to the confidence in Embassy REIT’s inorganic growth strategy of owning quality office assets, such as ETV,” said Mike Holland, chief executive officer of Embassy Office Parks - the first-ever REIT in the country.
Embassy REIT raises $501 m via QIP route
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The funds will be utilised to support the proposed $1.3-billion acquisition of Embassy TechVillage, an integrated office park in Bengaluru.
Through this QIP, existing investors like the Capital Group and Fidelity Investments have increased their holdings in the REIT, which is one of the largest in Asia by area.
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The Blackstone Group and Embassy Group-backed India’s first listed REIT, Embassy Office Parks REIT, has raised $501 million or Rs 3,680 crore through a Qualified Institutional Placement of its units.
The funds will be utilised to support the proposed $1.3-billion acquisition of Embassy TechVillage, an integrated office park in Bengaluru.