Embassy REIT acquires business park in Bengaluru for Rs9,782 cr

Mumbai, November 17

Embassy Office Parks REIT, the first listed and the largest such entity in the country, on Tuesday acquired a 9.2 million square feet Embassy TechVillage in Bengaluru from the Embassy Group, Blackstone and other investors for Rs 9,782.4 crore.

Deal dynamics

The deal makes Embassy REIT the largest such entity in the whole of Asia in terms of developed area of 42.4 million sq ft and one of the largest in value with a market capitalisaiton of around $4.5 billion

The deal makes Embassy REIT the largest such entity in the whole of Asia in terms of developed area of 42.4 million square feet and one of the largest in value with a market capitalisaiton of around $4.5 billion, Embassy REIT chief executive Michael Holland said.

The deal comes at a 4.6% discount to the market value, he said. Embassy REIT is the first publicly-listed REIT (Real Estate Investment Trust) sponsored by Blackstone and the Embassy Group. It got listed in April 2019. The property has 40 companies as tenants and they have over 45,000 employees there. — PTI