{"id":97807,"date":"2023-03-28T14:37:00","date_gmt":"2023-03-28T09:07:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=97807"},"modified":"2023-03-28T14:34:13","modified_gmt":"2023-03-28T09:04:13","slug":"biz-embassy-reit-6","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-embassy-reit-6\/","title":{"rendered":"Embassy REIT to acquire 1.4 million sq ft office park in Bengaluru for Rs 334.8 cr enterprise value"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2694743680\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Embassy Office Parks REIT on Tuesday said it has agreed to acquire a 1.4 million square feet office property in Bengaluru for an enterprise value of Rs 334.8 crore.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3525094698\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>The acquiree, Embassy Business Hub is a 59-acre business park situated in North Bengaluru and is close to both the airport and Embassy REIT&#8217;s flagship property Embassy Manyata.<\/p><p>In a regulatory filing, Embassy REIT announced the acquisition of Embassy Business Hub for an aggregate enterprise value of Rs 334.8 crore, with exclusive ownership rights to about 1.4 million square feet of leasable area on full completion.<\/p><p>It plans to primarily fund the acquisition through debt at 8.1 per cent interest cost per annum, for which it has secured binding commitments from leading financial institutions.<\/p><div class=\"trade-content_5\" id=\"trade-1725212426\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>Embassy REIT is acquiring Embassy sponsor&#8217;s affiliates&#8217; share of 1.4 million square feet total leasable area, of which 0.4 million square feet is nearing completion and 93 per cent pre-committed to Philips, a global electronics major and the balance one million square feet, is in early stages of development.<\/p><p>Vikaash Khdloya, Chief Executive Officer of Embassy REIT, said, &#8220;Embassy REIT\u2019s acquisition of this high-quality, well-connected, wellness-oriented business park expands our dominant presence and office offerings in Bengaluru, which undisputedly remains the most sought-after office market in India.&#8221; This tuck-in acquisition is priced attractively, embeds further growth in the REIT portfolio, and creates long-term value for unitholders, he added.<\/p><p>The total enterprise valuation of Rs 334.8 crore (USD 41 million) is at a 4.5 per cent discount to the average of two independent valuations, Embassy REIT said.<\/p><p>It also secured a Right of First Offer (ROFO) for future phases of Embassy Business Hub, totalling 46 acre, further extending REIT\u2019s growth options.<\/p><p>The acquisition is expected to be completed on or before April 30, 2023, subject to completion of customary conditions precedent.<\/p><p>Embassy REIT, India&#8217;s first publicly listed Real Estate Investment Trust (REIT), owns and operates a 43.6 million square feet portfolio of eight infrastructure-like office parks and four city-centre office buildings in Bengaluru, Mumbai, Pune, and the National Capital Region (NCR).<\/p><div class=\"trade-content-10\" id=\"trade-1703241226\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>Embassy REIT\u2019s portfolio comprises 34.3 million square feet completed operating area, four operational business hotels, two under-construction hotels, and a 100 MW solar park supplying renewable energy to tenants. PTI MJH MJH ANU ANU<\/p><div class=\"trade-after-content\" id=\"trade-1075325858\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Embassy Office Parks REIT on Tuesday said it has agreed to acquire a 1.4 million square feet office property in Bengaluru for an enterprise value of Rs 334.8 crore. The acquiree, Embassy Business Hub is a 59-acre business park situated in North Bengaluru and is close to both the airport and Embassy REIT&#8217;s flagship property [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":95434,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-97807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Embassy REIT to acquire 1.4 million sq ft office park in Bengaluru for Rs 334.8 cr enterprise value - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"Embassy Office Parks REIT on Tuesday said it has agreed to acquire a 1.4 million square feet office property in Bengaluru for an enterprise value of Rs 334.8 crore.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-embassy-reit-6\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Embassy REIT to acquire 1.4 million sq ft office park in Bengaluru for Rs 334.8 cr enterprise value\" \/>\n<meta property=\"og:description\" content=\"Embassy Office Parks REIT on Tuesday said it has agreed to acquire a 1.4 million square feet office property in Bengaluru for an enterprise value of Rs 334.8 crore.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tradebrains.in\/features\/biz-embassy-reit-6\/\" \/>\n<meta property=\"og:site_name\" content=\"Trade Brains Features\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradeBrainsOfficial\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-28T09:07:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/03\/reit-cover-image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"854\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"PTI News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/03\/reit-cover-image.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:site\" content=\"@TradeBrainsGrp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"PTI News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tradebrains.in\/features\/biz-embassy-reit-6\/\",\"url\":\"https:\/\/tradebrains.in\/features\/biz-embassy-reit-6\/\",\"name\":\"Embassy REIT to acquire 1.4 million sq ft office park in Bengaluru for Rs 334.8 cr enterprise value - 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