Embassy REIT Acquires Embassy Tech Village
<span style="font-weight: 400;">Embassy REIT, India’s first publicly-listed REIT, has agreed to purchase Embassy TechVillage assets from affiliates of Embassy Sponsor, Blackstone Sponsor and other selling shareholders for a total consideration of Rs 9,782 crore.</span> <span style="font-weight: 4
Published -
Nov 19, 2020 5:02 AM
Embassy REIT, India’s first publicly-listed REIT, has agreed to purchase Embassy TechVillage assets from affiliates of Embassy Sponsor, Blackstone Sponsor and other selling shareholders for a total consideration of Rs 9,782 crore. The acquisition comprises 6.1 million square feet of completed area, 3.1 msf of under-construction area, of which 36 percent is pre-leased to JP Morgan, and two proposed 518-keys Hilton hotels within the overall ETV campus. Embassy REIT is exercising its right under the ROFO agreement to acquire the asset. It will issue up to 6.55 crore units on a preferential basis at Rs 356.5 per unit. It has also approved raising of debt worth Rs 3,641 crore in one or more tranches, the company said.The acquisition will increase Embassy REIT's commercial office portfolio by 28 percent to 42.4 msf. The proposed accretive acquisition of Embassy TechVillage will mark the addition of another trophy asset to our existing office portfolio, while reinforcing our stable cash flows. ETV is a unique large scale business park, in the leading Outer Ring Road sub-market of Bengaluru, with a diversified blue-chip and predominantly multinational occupier base, including JP Morgan, Cisco, Sony and Flipkart. Mike Holland, Chief Executive Officer of Embassy REIT.
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