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Embassy REIT gets regulatory approval for simplifying ownership of key portfolio assets
March 06, 2021
Mike Holland, CEO, Embassy REIT×
Embassy Office Parks REIT (Embassy REIT), a publicly listed REIT company, has announced that it has received approval from the National Company Law Tribunal (NCLT) in relation to its composite scheme of arrangement among its entities that restructures and simplifies the ownership of key portfolio assets, including Embassy Manyata and Embassy TechZone.
Embassy REIT had initiated the scheme to simplify its holding structure by reducing the shareholding tiers and to create value for its unit holders.
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‘Creating long-term value’
Michael Holland, CEO of Embassy REIT, said, “We are pleased to deliver on our commitment to complete this key restructuring exercise within the targeted time frame of March 2021. This milestone enables us to significantly increase the dividend component as a proportion of our overall quarterly distributions. Giv
Emerging investment instrument REIT seems to have finally gaining popularity among investors, with mutual funds investing a staggering Rs 3,972 crore in such units in 2020, a six-fold jump from the preceding year. Green Portfolio co-founder Divam Sharma said that with names like DLF, Brookfield and Godrej in the process of launching REIT, more interest from mutual funds in such offerings is expected in the coming years. He further said 2021 looks better from the standpoint of mutual funds investing in REITs, as business is seeing normalcy after a setback from COVID-19 in 2020. REITs and InvITs are relatively new investment instruments in the Indian context but are popular in global markets. While REIT comprises a portfolio of commercial real assets, a major portion of which are already leased out, InvITs comprise a portfolio of infrastructure assets such as highways and power transmission assets.
January 15, 2021
Debt-raise part of financing strategy for acquisition of Embassy TechVillage
Embassy Office Parks REIT (Embassy REIT), on Friday, announced that it has successfully priced and allotted by way of a private placement, ₹2,600 crore or $351 million of rupee-denominated, listed, rated, secured, redeemable, transferable, non-convertible debentures (NCDs) at a 6.40 per cent quarterly coupon. The NCDs will be listed on the Wholesale Debt Market of BSE Limited.
Mike Holland, Chief Executive Officer of Embassy REIT, said, “The strength of our balance sheet and the underlying covenants of our 200 plus occupiers are key advantages for Embassy REIT. The attractive rate at which we have raised this bond and our execution timelines have, once again, demonstrated market confidence in high-quality borrowers like Embassy REIT. We will use the funds raised to refinance a portion of the in-place Embassy TechVillage debt. Post this bond raise, we continue to maintain conservative