Embassy Office Parks REIT to float QIP, may raise up to $600 million

Floor price of Rs 348.38 per unit approved

Embassy Office Parks REIT today approved fund raising plans through institutional placement of its securities. It will be first such QIP by a real estate investment trust in the country.

According to sources, the REIT could raise anywhere between $500 million and $600 million. 

A floor price of Rs 348.38 per unit has been approved by the firm for the institutional placement, according to a notification to the exchanges.

 

Promoted by US-based fund manager Blackstone and Bengaluru-based Embassy group, the REIT was listed last year. 

It manages around 33 million sq ft of assets in fhe country. Recently it bought Embassh Tech Village from Embassy for $1.3 billion.

It owns properties in Bengaluru, Mumbai and Pune among other cities.

The Raheja and Blackstone JV listed the second REIT in the country. Recently Brookfield Asset Managedment filed DRHP for its REIT in the country.