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Embassy Office Parks REIT raises Rs 2K cr via debt issuance at 7.21%
Debt raised for three-year tenor to refinance existing obligations, saving 77 basis points; REIT targets FY26 growth with Rs 24.5-26 distributions per unit
Bengaluru
Bengaluru-based Embassy Office Parks REIT said on Tuesday that it had raised Rs 2,000 crore of coupon-bearing debt at an interest rate of 7.21 per cent for a three-year tenor. The funds will be used to refinance existing debt, resulting in an estimated interest cost saving of around 77 basis points.
'We are pleased to announce this fundraise. This transaction showcases Embassy REIT's fortress balance sheet and reinforces our standing as the leading credit in India's commercial real estate sector. We maintain a well-diversified and conservative debt book, and this refinancing positions us well to capitalise on future growth opportunities,' said Ritwik Bhattacharjee, chief executive officer, Embassy REIT.
The NCD issuance of Embassy REIT Series XIII NCDs (2025) was priced at an effective interest rate, fuelled by demand from institutional investors, with participation from 11 entities.
Bhattacharjee said that Embassy REIT has chosen to exercise the call option on its Rs 500 crore Series IX NCDs, which carry a coupon of 8.03 per cent. The early repayment is scheduled for 4 June 2025, three months ahead of the original maturity date of 4 September 2025.
For FY26, Bhattacharjee acknowledged current socio-economic challenges but expressed confidence in sustained demand driven by Global Capability Centres (GCCs). He emphasised Embassy REIT's commitment to execution, cost optimisation, and meeting its FY26 targets.
The REIT projects distributions of Rs 24.50 to Rs 26 per unit — a 10 per cent year-on-year growth at the midpoint — alongside 93–94 per cent occupancy by value and net operating income (NOI) between Rs 35.9 billion and Rs 38.1 billion, reflecting a 13 per cent increase.
Embassy REIT is India's first publicly listed real estate investment trust and the largest office REIT in Asia, by area. The company owns and operates a 51.1 million square feet portfolio of 14 office parks in Bengaluru, Mumbai, Pune, the National Capital Region (NCR) and Chennai.
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