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News on Medial
Embassy REIT to acquire business park in Chennai for Rs 1,269 crore; plans to raise Rs 2,500 crore
Money Control
·
1y ago
Medial
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.
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Embassy REIT to invest Rs 3,800 crore in 4 years to complete construction of 61 lakh sq ft office space
Money Control
·
1y ago
Medial
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.
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Embassy Office Parks REIT plans to raise up to $400 mn, hires banks
VCCircle
·
1y ago
Medial
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.
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Embassy REIT explores acquisition in Chennai, mulls fund-raising
Thehindubusinessline
·
1y ago
Medial
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.
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Blackstone set to sell full stake in Embassy Office Parks REIT
VCCircle
·
1y ago
Medial
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.
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Shadowfax files confidential prospectus for its IPO - The Economic Times
Economic Times
·
15d ago
Medial
Shadowfax, a hyperlocal logistics company backed by Flipkart, has filed a confidential draft red herring prospectus for its IPO, aiming to raise Rs 2,000-2,500 crore, with about half in primary shares. This strategic filing allows Shadowfax to gauge investor interest and refine its IPO plans. The company, which reported Rs 1,885 crore in operating revenue for fiscal year 2024, plans to use the funds to enhance quick-delivery services, noting improved business economics and increasing market traction.
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Mindspace Business Parks REIT raises $78 mn from international investor
VCCircle
·
1y ago
Medial
Mindspace Business Parks REIT has raised $78 million by issuing sustainability-linked bonds to an international investor, International Finance Corporation (IFC). The seven-year bonds carry a coupon rate of 7.94% per annum, which is linked to Mindspace's environment, social, and governance (ESG) targets. This investment will help enhance the sustainability of Mindspace's portfolio and reduce greenhouse gas emissions. Including this latest capital raise, Mindspace's green and sustainability-linked financing now stands at $246 million. The REIT, backed by K Raheja Corp, has office portfolios in Mumbai, Pune, Hyderabad, and Chennai with a total leasable area of 33.2 million square feet.
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Vedanta stock up 3% after board approves fundraising of ₹2,500 cr via debt
Livemint
·
1y ago
Medial
Metals-to-mining conglomerate Vedanta Ltd plans to raise approximately ₹2,500 crore through debt securities, as reported by Reuters.
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PhysicsWallah in talks to acquire Sarrthi IAS
Entrackr
·
3m ago
Medial
Edtech unicorn PhysicsWallah is in final-stage talks to acquire Sarrthi IAS, an online platform that provides mentorship-focused courses for UPSC preparation. Sources indicate that the deal is likely in the range of Rs 120–130 crore, with Sarrthi having closed FY25 with Rs 35 crore in revenue and around Rs 20 crore in profits. The discussions follow PhysicsWallah's negotiations to acquire Drishti IAS for Rs 2,500–3,000 crore and align with the company's strategy to expand in the UPSC preparatory space. Sarrthi has been exploring consolidation with a larger player and has engaged in talks with other edtech firms. While sources suggest advanced discussions, Sarrthi's founder, Varun Jain, denies the ongoing talks. PhysicsWallah is reportedly preparing for an IPO, aiming to raise $500 million at a $5 billion valuation, and has seen substantial growth, reporting Rs 1,940.4 crore revenue in FY24.
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North India healthcare chain Park Hospitals files DRHP for IPO
VCCircle
·
3m ago
Medial
Park Medi World Pvt Ltd, based in New Delhi, plans to raise Rs 1,260 crore through an IPO, consisting of a Rs 960 crore primary share sale and a Rs 300 crore offer-for-sale by promoter Ajit Gupta. The company may also secure Rs 192 crore in a pre-IPO round. Funds raised will be used to repay debt, develop new facilities, purchase medical equipment, and support acquisitions and corporate purposes.
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Property Share Files Papers for Rs 472-Cr IPO for Its Second SM REIT Scheme
OutlookIndia
·
2m ago
Medial
Property Share Investment Trust, India’s pioneering Small and Medium Real Estate Investment Trust (SM REIT), has filed for a Rs 472 crore Initial Public Offering (IPO) for its second SM REIT scheme, PropShare Titania. This offering involves a fresh issue of units, focusing on a Grade A+ office space in Mumbai, fully occupied by reputable tenants. The proceeds aim to acquire more assets. PropShare Titania expects a projected distribution yield of approximately 9% for upcoming fiscal years.
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