Embassy Office Parks REIT, India’s first listed REIT, has announced that it has acquired a 3 lakh square feet marquee office property located within Embassy GolfLinks Business Park, in Bengaluru for ₹852 crore.
Located in the heart of Embassy GolfLinks, this high-quality Grade-A asset is fully leased to a leading global investment firm. This acquisition further consolidates Embassy REIT’s scale and ownership in a micro-market that continues to see strong leasing demand and premium rental growth, the company said in a statement.
Embassy REIT owns and operates a 50.8 million square feet portfolio of 14 office parks in Bengaluru, Mumbai, Pune, Delhi-NCR and Chennai. The portfolio comprises 40.9 million sq ft of operational area.
“We are pleased to announce this third-party acquisition, which underscores Embassy REIT’s strategy of driving growth through high-quality, yield-accretive investments in India’s most dynamic office markets. Bengaluru continues to be India’s office capital, and Embassy GolfLinks is home to some of the world’s most influential technology and GCC occupiers,” said Amit Shetty, Chief Executive Officer of Embassy REIT.
{{/usCountry}}“We are pleased to announce this third-party acquisition, which underscores Embassy REIT’s strategy of driving growth through high-quality, yield-accretive investments in India’s most dynamic office markets. Bengaluru continues to be India’s office capital, and Embassy GolfLinks is home to some of the world’s most influential technology and GCC occupiers,” said Amit Shetty, Chief Executive Officer of Embassy REIT.
{{/usCountry}}The acquisition is subject to completion of customary and agreed conditions precedent and pre-closing actions, the company said.
PwC advised Embassy REIT on financial and tax due diligence; Trilegal advised Embassy REIT on title diligence and S&R Associates acted as the legal advisor to Embassy REIT, it said.
Embassy REIT is India’s first publicly listed Real Estate Investment Trust and the largest office REIT in Asia, by area. Embassy REIT owns and operates a 50.8 msf portfolio of 14 office parks in India’s best-performing office markets of Bengaluru, Mumbai, Pune, the National Capital Region and Chennai. Embassy REIT’s portfolio comprises 40.9 msf completed operating area and is home to 274 of the world’s leading companies.