April 7, 2024
admin
(20 second reading) Embassy Office Parks REIT informeds it will buy Embassy Splendid TechZone, a Grade-A business park, from its sponsor Embassy group for an enterprise value of Rs 1,269 crore.
The proposed acquisition marks Embassy REIT’s entry into Chennai, one of India’s top performing office markets. It intends to raise unit capital of Rs 2,500 crore, primarily to fund the acquisition and reduce the current 30% leverage of the portfolio.
ESTZ comprises 1.4 million sq ft of completed area, which is 95% occupied and leased to large global companies such as Wells Fargo and BNY Mellon, among others.
