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Embassy REIT explores acquisition in Chennai, mulls fund-raising

Thehindubusinessline

Thehindubusinessline · 1y ago

Embassy REIT explores acquisition in Chennai, mulls fund-raising

Embassy REIT, the largest real estate investment trust in Asia, is considering acquisition opportunities in Chennai and exploring inorganic growth options. The market conditions have improved, with higher rentals and occupancies in existing buildings and increased investor interest. The company is now looking to raise funds to support its expansion plans and has applied for demarcation of additional areas under amended SEZ rules. Despite the global economic scenario, India's office sector has shown resilience with balanced demand-supply dynamics and marginal rent growth. In Q3FY24, Embassy REIT achieved its full-year leasing guidance and witnessed recoveries in markets like Noida and Pune.

Related News

Embassy REIT to acquire business park in Chennai for Rs 1,269 crore; plans to raise Rs 2,500 crore

Money Control

Money Control · 1y ago

Embassy REIT to acquire business park in Chennai for Rs 1,269 crore; plans to raise Rs 2,500 crore

Embassy Office Parks REIT is acquiring Embassy Splendid TechZone (ESTZ), a business park in Chennai, for INR 1,269 crore. The move marks Embassy REIT's entry into Chennai and is aimed at diversifying its India presence and reducing its current leverage. To fund the acquisition and support future growth, Embassy REIT plans to raise INR 2,500 crore by selling units to investors. ESTZ comprises a completed area of 1.4 million square feet and is 95% occupied by global companies. The acquisition will expand Embassy REIT's portfolio to over 50 million square feet.

Embassy REIT to invest Rs 3,800 crore in 4 years to complete construction of 61 lakh sq ft office space

Money Control

Money Control · 1y ago

Embassy REIT to invest Rs 3,800 crore in 4 years to complete construction of 61 lakh sq ft office space

Embassy Office Parks REIT, the first publicly listed Real Estate Investment Trust in India, plans to invest Rs 3,800 crore ($511 million) over the next four years to complete the construction of 61 lakh sq ft of office space in Bengaluru. The company aims to meet the rising demand for premium office spaces from global capability centres and domestic players. The investment will primarily be funded through debt. Additionally, Embassy REIT has signed an agreement to acquire Embassy Splendid TechZone, a Grade-A business park in Chennai.

Embassy Office Parks REIT plans to raise up to $400 mn, hires banks

VCCircle

VCCircle · 1y ago

Embassy Office Parks REIT plans to raise up to $400 mn, hires banks

Embassy Office Parks REIT, India's largest real estate investment trust, plans to raise up to $400 million to meet the growing demand for office space. The company manages office parks with clients including Google, Cisco, and IBM. The funds raised will be used to repay debt and acquire land in Chennai. Commercial real estate in India is booming as companies continue to hire in record numbers. Embassy aims to seek board approval for the deal and expects it to attract foreign asset managers and mutual funds.

Embassy REIT chief steps down after SEBI order

VCCircle

VCCircle · 9m ago

Embassy REIT chief steps down after SEBI order

Aravind Maiya has stepped down as CEO of Embassy REIT, India's largest real estate investment trust, following an order from the country's markets regulator, SEBI. The regulator determined that Maiya was not fit to hold the position after the National Financial Reporting Authority found serious lapses in his role as the engagement partner for the statutory auditors of Coffee Day Enterprises. SEBI has directed the appointment of an interim CEO with immediate effect. Embassy REIT is India's first publicly listed REIT and has a 51.1 million square feet portfolio.

Blackstone set to sell full stake in Embassy Office Parks REIT

VCCircle

VCCircle · 1y ago

Blackstone set to sell full stake in Embassy Office Parks REIT

Blackstone is set to sell its entire stake of 23.59% in Embassy Office Parks, India's largest real estate investment trust, for $833 million. The sale will be conducted through block deals in the secondary market at a 7.7% discount to the unit price. This marks Blackstone's exit from India's first ever listed REIT, following its sale of Mindspace Business Parks REIT in 2022. Embassy Office Parks owns and operates more than 45.3 million square feet of office parks and buildings in major Indian cities.

How is Blackstone faring in its $240-mn India exit

VCCircle

VCCircle · 1y ago

How is Blackstone faring in its $240-mn India exit

Blackstone has successfully exited several portfolio companies in India, including Sona BLW Precision and Embassy Office Parks REIT, generating a significant profit from its investments. The private equity firm has been at the forefront of monetizing investments in India, making a successful exit in 2023.

Blackstone tweaks Indian portfolio exit plan in second attempt

VCCircle

VCCircle · 1y ago

Blackstone tweaks Indian portfolio exit plan in second attempt

Private equity firm Blackstone is making changes to its exit strategy for its Indian portfolio companies. Last year, Blackstone sold off several of its investments, including Sona BLW Precision and Embassy Office Parks REIT. After being a leader in monetizing investments in India in 2023, Blackstone is adjusting its plans for future harvests.

Mindspace REIT raises Rs 550 cr from IFC via issue of green bonds

Economic Times

Economic Times · 8d ago

Mindspace REIT raises Rs 550 cr from IFC via issue of green bonds

Mindspace Business Parks REIT, sponsored by the K Raheja Corp group, has secured an additional Rs 550 crore from the International Finance Corporation (IFC) by issuing green bonds. This adds to their initial Rs 650 crore raised via Sustainability-Linked Bonds in June 2024. The funds will support the company in expanding green-certified space. Mindspace REIT owns office spaces across Mumbai, Pune, Hyderabad, and Chennai, with a total leasable area of 38.1 million square feet.

Quadria Capital mulls another exit from India portfolio

VCCircle

VCCircle · 1y ago

Quadria Capital mulls another exit from India portfolio

Healthcare-focused private equity firm Quadria Capital is considering selling its stake in an Indian portfolio company that it invested in three years ago. The private equity firm is currently raising funds for its latest fund and has achieved successful exits in the past. Quadria Capital's decision to exit the investment is part of its strategy to continuously evaluate and optimize its portfolio.

Anicut Capital hits final close of first pre-IPO equity vehicle

VCCircle

VCCircle · 1y ago

Anicut Capital hits final close of first pre-IPO equity vehicle

Chennai-based investor Anicut Capital has announced the final close of its first pre-IPO equity fund. The firm, known for its focus on the credit space, has completed fundraising for the Anicut Equity Continuum, while also currently raising capital for its third credit fund.

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