Embassy Office Parks REIT on Tuesday said it has raised Rs 750
crore by issuing debentures on private placement basis and will use the funds
for completing ongoing commercial projects and recent acquisition.
Embassy
Office Parks REIT on Tuesday said it has raised Rs 750 crore by issuing
debentures on private placement basis and will use the funds for completing
ongoing commercial projects and recent acquisition.
Embassy REIT is
the country's first listed REIT (Real Estate Investment Trust) and the largest
in Asia by area. It got listed in April last year after raising Rs 4,750 crore
through public issue.
In a filing to
BSE, Embassy REIT said it has "successfully priced and allotted by way of
a private placement, Rs 7.5 billionor Rs 750 crore of rupee-denominated,
listed, rated, secured, redeemable, transferable non-convertible debentures
(NCDs) at 6.70 per cent quarterly coupon".
The NCDs will be
listed on the Wholesale
Debt Market of BSE.
Following our
successful Rs 7.5 billion fundraise in September 2020, we are pleased to
announce another competitively priced debt raise by Embassy REIT," Michael
Holland, CEO of Embassy REIT, said.
This successful
placement once again demonstrates the strength of balance sheet and the
underlying appeal of its business supported by the strong covenants of a
largely multinational occupier base, he said.
Embassy REIT will
use the funds to drive growth through on-campus development projects and
recently announced accretive acquisition of Embassy Manyata and Embassy
TechZone property maintenance.
On August 14, the
Board of Embassy Office Parks Management Services, Manager to the Embassy REIT,
approved the issue of NCDs in one or more tranches.
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