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Blackstone-backed Embassy Office Parks REIT (real estate investment trust) has raised Rs 3,680 crore ($501 million) through an institutional placement of its units.
The proceeds from this placement will be utilised to fund the REIT’s proposed acquisition of information technology park Embassy TechVillage (ETV) in Bengaluru for $1.3 billion, which was announced in November. The transaction is expected to close by the end of this month.
“The strong demand for our offering amid market uncertainties and the ongoing pandemic is testament to the confidence in Embassy REIT’s inorganic growth strategy of owning quality office assets, such as ETV,” said Mike
