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Embassy REIT secures Rs 1,200 cr for acquisition of business park

Monday, 03 Jun 2024
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Embassy Office Parks REIT has completed the acquisition of a 50 lakh sq. ft. business park in Chennai for Rs 1,185 crore, to reflect the strategy to expand its office assets portfolio. The acquisition of Embassy Splendid TechZone (ESTZ), a Grade-A business park was funded through a debt of Rs 1,200 crore and internal accruals.

The business park has 1.4 million sq. ft. of completed buildings, besides under-construction area of 1.6 million sq. ft. and two million sq. ft. of future development potential. This acquisition augments Embassy REIT's total portfolio to 50.5 million sq. ft. The completion of this accretive acquisition facilitates the REIT's entry into Chennai, which is a leading office market.

The business park in Chennai has 95 percent occupancy on 1.4 million sq. ft. of completed buildings which are leased to multinational occupiers such as Wells Fargo and BNY Mellon, among others. Embassy REIT's portfolio comprises 36.5 million sq. ft. of completed operating area, and has four operational business hotels, two under-construction hotels, and a 100 MW solar park supplying renewable energy to tenants.

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