Embassy REIT Executes Agreements With Embassy Sponsor to Acquire 0.6 Million Square Feet Leasable Area at a 9.25% Initial Yield on Development Completion in 4Q FY2023 Within the Overall Embassy Manyata Business Park Campus in Bengaluru

/ -- Embassy Office Parks REIT (NSE: EMBASSY) (BSE: 542602) ("Embassy REIT"), India's first listed Real Estate Investment Trust and the largest in Asia by area, announced today that the Board of Directors of Embassy Office Parks Management Services Private Limited (the "Manager" to Embassy REIT) has approved an arrangement with Embassy Property Developments Private Limited ("Embassy Sponsor"), for the acquisition of c.0.6 million square feet ("msf") leasable area in M3 Block B in Bengaluru, within the overall Embassy Manyata campus, at a 9.25% initial yield on development completion in 4Q FY2023.

Michael Holland, Chief Executive Officer of Embassy REIT, said, "The acquisition of c.0.6 msf leasable area upon development completion allows us to further capitalize on the strong leasing demand for our large-scale total business ecosystem. Considering Embassy Manyata is our largest asset with 11 msf completed area running at 99.3% occupancy as of September 30, 2019 and with an average occupancy of c.99% over the past three years, the proposed add-on office block will help cater to the growing space requirements of our tenants in a strong micro-market in Bengaluru."
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