Embassy Reit

Embassy Office Parks REIT to invest Rs 300 crore on green initiatives

Embassy Office Parks REIT on Monday said it has committed over Rs 300 crore for ongoing green initiatives across its commercial projects. In a regulatory filing, Embassy REIT informed that the company has "committed over Rs 300 crore to its ESG (environmental, social, and governance) programme across its 43.6 million square feet pan-India portfolio". Embassy REIT said it has recently commissioned the first phase of its 20 MW solar rooftop project. This project aims to generate 30 million units of solar power, offsetting around 25,000 tonnes of CO2 emissions. As part of its 2040 net zero carbon operations goal, Embassy REIT aims to achieve 75 per cent renewable energy usage by 2025. Apart from the existing 100 MW solar plant, the REIT strategically plans to more than double its current 120 MW onsite and offsite renewable energy capacity by installing new solar plants across Bengaluru and NCR. This renewable energy capacity enhancement will be through additional capital investments

Embassy Group sells 42 mn REIT shares to Bain Capital for Rs 1,300 cr

Realty firm Embassy Property Developments Pvt Ltd has sold 4.2 crore shares in Embassy Office Parks REIT to Bain Capital for Rs 1,250-1,300 crore to pare debt. Bengaluru-based Embassy Group has entered into a strategic sale of a certain portion of its shareholding in Embassy Office Parks REIT to Bain Capital, according to a company statement. The company did not disclose any further details. Sources said Embassy Group, who is one of the sponsors of Embassy REIT, has sold around 4.2 crore shares to Bain Capital through block deal for around Rs 1,250-1,300 crore. Embassy Group's stake in Embassy REIT has come down to 8 per cent after this share sale from 12 per cent earlier, sources said. Share price of Embassy REIT closed at Rs 301.38 per share on the BSE. The Group will utilise the amount to reduce its debt. Embassy Group aims to reduce overall debt by approximately 30 per cent before 30th June 2023. "As sponsor of Embassy REIT, the Embassy Group reiterates its commitment to th

Embassy REIT to invest Rs 2,200 cr in 4 yrs to develop new office buildings

Embassy Office Parks REIT will invest around Rs 2,200 crore in the next four years to develop premium workspaces as it sees tremendous growth potential in office market despite global recessionary concerns, its CEO Vikaash Khdloya said. In an interview with PTI, he said the office demand in India would remain strong as large global companies want to open offices in India because of the huge availability of a cost-efficient talent pool and cheap rentals for premium workspaces. This trend would only strengthen amid global recessionary fears, which will lead to increased outsourcing of work to India, Khdloya said. Bengaluru, which is its core market with a significant presence, is leading the resurgence of India's office market that suffered a setback during the COVID pandemic, he added. Embassy Office Parks REIT is India's first Real Estate Investment Trust (REIT) sponsored by global investment firm Blackstone and Bengaluru-based realty firm Embassy group. It has a completed portfoli

Strong leasing activity to benefit Real Estate Investment Trusts

But slowdown in the US and rising interest rates could pose risks

Kotak Realty Fund buys 4.9% stake in Embassy REIT for Rs 1,600 crore

Blackstone Group sold its 4 per cent stake in Embassy REIT to mop up Rs 1,301 crore, data provided by stock exchanges showed.

Blackstone to sell $400 mn stake in REIT Embassy, ADIA eyes investment

Abu Dhabi's sovereign wealth fund, one of the world's largest, is likely to pick up at least half of the stake that Blackstone is to sell, one of the sources said

American Balanced Fund offloads Rs 1k-cr shares of Embassy Office REIT

American Balanced Fund on Thursday offloaded 2.9 crore shares of real estate investment trust Embassy Office Parks REIT for Rs 1,046 crore through an open market transaction. According to the bulk deal data available with BSE, American Balanced Fund sold 2,92,62,468 shares of the company. The shares were disposed of at an average price of Rs 357.61 apiece, taking the transaction size to Rs 1,046.45 crore. Meanwhile, ICICI Prudential Mutual Fund picked up the shares of the company. Shares of Embassy Office Parks REIT closed 3.56 per cent lower at Rs 360.94 on BSE on Thursday.

Stocks to watch: Bajaj Finance, Zydus Lifesciences, Tata Steel, Amara Raja

Stocks to watch today: Bajaj Finance has raised fixed deposit rates by up to 20 basis points; Zydus Lifesciences will open its share buyback offer on June 23 and close on July 6.

Embassy REIT distributes over Rs 5,800 cr to unitholders since listing

Embassy REIT has delivered 2.5 million square feet of new space and commenced a 4.6 million square feet of the new development growth cycle

Realty firm Embassy REIT's net profit up fivefold at Rs 280 cr in Q4

Net operating income grew to Rs 2,491 crore, 5 per cent higher than initial guidance, with an operating margin of 84 per cent in Q4

Embassy REIT raises Rs 1,000 crore via 5-year paper to fund operations

The coupon rate on these bonds is 7.35 per cent

We've distributed Rs 4,800 cr over past 10 quarters: Embassy REIT Dy CEO

In a Q&A, Vikaash Khdloya talks about how demand is reviving in the office space segment as it comes out of the pandemic hit

Embassy REIT's net operating income grows 30% to Rs 624 crore in Q2

PAT declined 15.5% from Rs 232 crore in the September quarter last year to Rs 196 crore in the same quarter this year

Embassy REIT second quarter operating income up 30% at Rs 624 cr

Embassy REIT gave on lease 7.13 lakh square feet of office space during the second quarter of the current financial year

Nokia India renews Bengaluru office lease with Embassy REIT

Telecom gear maker Nokia India has renewed its lease agreement for 5.11 lakh square feet office space at Embassy Office Parks REIT's business park in Bengaluru

Top property developers bet big on office properties as demand rises

Property consultant Colliers expects a fresh office property supply of between 33 and 38 million sq ft every year in the next three years, including the current one

Embassy REIT raises Rs 300 cr through debentures to refinance debt

Embassy Office Parks REIT on Tuesday said it has raised Rs 300 crore through issue of non-convertible debentures on a private placement basis to refinance existing debt.

Embassy REIT to raise up to Rs 300 cr via non-convertible debentures

Embassy Office Parks REIT will raise up to Rs 300 crore through issue of non-convertible debentures. The company did not disclose where the funds will be utilised. In a regulatory filing, the company informed that the board of Embassy Office Parks Management Services Pvt Ltd, the manager to Embassy Office Parks REIT, had in November last year approved the raising of debt, including the issue of non-convertible debentures, for an aggregate amount up to Rs 3,641.1 crore in one or more tranches. Out of this, Rs 2,600 crore was raised earlier as REIT NCD Series-III. On Thursday, the debenture committee of the board of directors of the manager, has approved the further issuance of 3,000 listed, rated, secured, redeemable, transferable, rupee denominated non-convertible debentures of face value of Rs 10,00,000 each, aggregating up to Rs 300 crore by Embassy REIT on a private placement basis. In January this year, Embassy REIT had raised Rs 2,600 crore through issue of non-convertible ..

Embassy REIT trading lot size to reduce from current 200 units to 1 unit

Embassy Office Parks said on Wednesday that trading lot size for Embassy REIT units on stock exchanges will be reduced to one unit from the current trading lot size of 200 units

REITs to lure investors with tax-free dividends and capital returns

Mindspace gives 90% of returns; Brookfield, Embassy to follow suit