Embassy Reit

Embassy REIT CEO Aravind Maiya resigns following Sebi suspension directive

Aravind Maiya has resigned as CEO of Embassy REIT effective immediately, following Sebi's directive for his suspension due to a debarment for professional misconduct by NFRA

Embassy REIT declines 3% as CEO Aravind Maiya resigns post Sebi's order

Aravind Maiya's departure follows a directive from the Sebi to suspend him in an interim capacity

Embassy Reit Q2 revenue jumps 12% to Rs 997 crore, beats estimates

The total comprehensive income attributable to the unitholders stood at Rs 1,530.4 crore in comparison with the income of Rs 216.7 crore in Q2 FY24

Embassy Reit leases 800k sq ft space to Commonwealth Bank of Australia

Embassy Office Parks REIT has signed an agreement to provide on lease 8 lakh square feet prime office space in Bengaluru to global banking major Commonwealth Bank of Australia, with an option to expand leasable area further by 6 lakh square feet. In a regulatory filing, Embassy REIT informed that the company has signed an Agreement to Lease (ATL) with the Commonwealth Bank of Australia (CBA) for a premium office campus of approximately 0.8 million square feet along with an expansion option of an additional 0.6 million square feet at 'Embassy Manyata' project, one of Asia's largest and India's most prominent business parks. The new space is being designed as a comprehensive built-to-suit solution, and Embassy REIT expects to deliver the facility, including fit-outs in the fourth quarter of the calendar year 2026. Embassy has been home to CBA for 4 years, and we are delighted to extend our long-standing partnership with one of the world's leading financial institutions," Jitu Virwani,

Embassy REIT Q1 results: Net operating income up 3% to Rs 757.5 cr

Embassy Office Parks REIT on Thursday reported a 3 per cent increase in its net operating income to Rs 757.5 crore in the June 2024 quarter and announced distribution of Rs 530.8 crore to unitholders. The net operating income (NOI) stood at Rs 737.6 crore in the year-ago period. The board of directors of Embassy Office Parks Management Services Pvt Ltd, Manager to Embassy REIT, at its board meeting, declared a distribution of Rs 531 crore or Rs 5.60 per unit for the first quarter of 2024-25. "We are delighted to report another excellent quarter of strong leasing across our portfolio. We leased 1.9 million square feet this quarter, marking a 70 per cent YoY (year-on-year) increase, and we have a strong pipeline across Bengaluru, Noida and Chennai," Aravind Maiya, Chief Executive Officer of Embassy REIT, said. The company has strengthened its partnership with one of its largest occupiers through a new redevelopment project at Embassy Manyata in Bengaluru, he said. "Our distributions

Chinese premier pledges more pandas; urges Australia to put aside issues

Chinese Premier Li Qiang's visit to Australia on Sunday focused on positive aspects of the bilateral relationship including shared giant pandas and a rebounding wine trade after he urged both countries to put aside their differences. China's most powerful leader after President Xi Jinping arrived late Saturday in Adelaide, the capital of South Australia state, which has produced most of the Australian wine entering China since crippling tariffs were lifted in March that had effectively ended a 1.2 billion Australian dollar (USD 790 million) a year trade since 2020. Li visited Adelaide Zoo, which has been home to China-born giant pandas Wang Wang and Fu Ni since 2009, before he was to have lunch at a restaurant at an Adelaide winery. He announced that the zoo would be loaned another two pandas after the pair are due to return to China in November, China's Xinhua News Agency reported. The pair are the only pandas in the Southern Hemisphere and failed to produce offspring in ...

Embassy REIT secures Rs 1,200 cr debt to acquire business park in Chennai

Embassy Office Parks REIT has completed the acquisition of a 50 lakh square feet business park in Chennai for Rs 1,185 crore as part of its strategy to expand its office assets portfolio and grow business. The acquisition was funded through a debt of Rs 1,200 crore. In a regulatory filing on Monday, Embassy REIT informed that it has completed the acquisition of 'Embassy Splendid TechZone (ESTZ), a Grade-A business park in Chennai. The business park has 1.4 million square feet of completed buildings, besides under-construction area of 1.6 million square feet and 2 million square feet of future development potential. "The Rs 1,185 crore acquisition was funded primarily through a debt raise of around Rs 1,200 crore and internal accruals," it added. This acquisition increases Bengaluru-based Embassy REIT's total portfolio to 50.5 million square feet. Aravind Maiya, Chief Executive Officer of Embassy REIT, said the completion of this accretive acquisition facilitates the REIT's entry i

REIT to invest Rs 3,800 cr to construct of 6.1 mn sq ft office space

Bullish on demand for premium workspace, Embassy Office Parks REIT will invest Rs 3,800 crore over the next four years to complete its ongoing office complexes as part of its strategy to expand rental portfolio. Embassy REIT, which is India's first publicly listed Real Estate Investment Trust (REIT), currently has 36.5 million (365 lakh) square feet of completed office space across Bengaluru, Mumbai, Pune and Delhi-NCR. In an interview with PTI, Aravind Maiya, Chief Executive Officer of Embassy REIT, said the company's business has been growing from strength to strength. To expand its portfolio, he said the company is constructing 6.1 million (61 lakh) square feet of premium office space in Bengaluru to cater to rising demand from global capability centres (GCCs) and also domestic players. That apart, Maiya said the company has signed an agreement to purchase Embassy Splendid TechZone (ESTZ), a Grade-A business park, from sponsor Embassy Group for an enterprise value of Rs 1,269 .

Blackstone transaction, improving outlook to support Embassy Office Parks

The world's largest alternative asset manager, through its investment companies, sold a 23.59 per cent stake in the company, leaving the Embassy group as the sole sponsor of the REIT

Blackstone exits Embassy REIT; sells entire 23.5% stake for Rs 7,100 cr

Global fund Blackstone has sold its entire 23.5 per cent stake in Embassy Office Parks REIT for around Rs 7,100 crore through block deal on stock exchanges, sources said. The company sold its units at around Rs 316 per share, sources said. Some of the existing unitholders have participated in the block deal. SBI Mutual Fund is a new investor, they added. Embassy Office Parks REIT is India's first Real Estate Investment Trust (REIT) sponsored by global investment firm Blackstone and Bengaluru-based realty firm Embassy group. It got listed in 2019 after raising around Rs 5,000 crore through public issue. Last year, Blackstone raised around USD 325 million (about Rs 2,650 crore) by selling its shares in Embassy Office Parks REIT. Post this deal, Blackstone's stake came down to 24 per cent from around 32 per cent earlier. Embassy REIT owns and operates a 45.3 million square feet portfolio of nine infrastructure-like office parks and four citycentre office buildings in Bengaluru, Mumb

Embassy REIT Q2 results: Revenue from operation up 4% to Rs 889 cr

Embassy Office Parks REIT on Thursday reported 4 per cent annual growth in revenue from operations at Rs 889 crore for the second quarter of this fiscal year and declared distribution of Rs 524 crore to unitholders. Revenue from operations stood at Rs 857.12 crore in the year-ago period, according to a regulatory filing. The board of Embassy Office Parks Management Services Pvt Ltd, Manager to Embassy REIT, declared distribution of Rs 524 crore or Rs 5.53 per unit for the second quarter (July-September) of this fiscal year. Aravind Maiya, Chief Executive Officer of Embassy REIT, said, the company reported a record quarter of leasing of 2 million square feet. "For the first half of FY2024, we have successfully leased 3.1 million square feet, and the outlook for the full year looks promising, bolstered by a record leasing pipeline of 2.5 million square feet," he said. Maiya said the company has revised leasing guidance of 6.5 million square feet this fiscal year from the earlier ...

Embassy REIT raises Rs 1,050 crore through NCDs to refinance bank loans

Embassy Office Parks REIT expects to secure interest savings of approximately 138 basis points

Embassy REIT CEO Vikaash Khdloya resigns, Aravind Maiya to become new CEO

Embassy Office Parks REIT's CEO Vikaash Khdloya has resigned and the company has appointed Aravind Maiya as the new CEO with effect from July 1 this year. In a regulatory filing, Embassy REIT informed that the the board of directors of Embassy Office Parks Management Services Pvt Ltd, which is manager to the REIT, accepted the resignation of Vikaash Khdloya as the Chief Executive Officer with effect from the close of business on June 30, 2023. Khdloya intends to pursue other interests, it added. The Board also approved the appointment of Aravind Maiya as the Chief Executive Officer with effect from July 1, 2023. Maiya has been previously associated with Embassy REIT as its Chief Financial Officer and comes with over 22 years of experience, including in real estate, capital markets, audit and consulting. Embassy REIT, sponsored by Blackstone and realty firm Embassy Group, is India's first publicly listed Real Estate Investment Trust (REIT). It owns and operates a 45 million square

Embassy REIT clocks 11% growth in net income, declares Rs 2,058 cr dividend

Embassy Office Parks REIT on Thursday reported an 11 per cent increase in its net operating income at Rs 2,766.3 crore during the last fiscal year and declared distribution of Rs 2,057.9 crore dividend to unitholders. Its net operating income stood at Rs 2491.1 crore in the 2021-22 fiscal. The board of directors of Embassy Office Parks Management Services Pvt Ltd, Manager to Embassy REIT, at its board meeting declared a distribution of Rs 532 crore or Rs 5.61 per unit for the fourth quarter of the last fiscal. The distributions of money to unitholders are in the form of dividend, interest and repayment of SPV level debt. "With this, the cumulative distribution for FY'23 totals Rs 2,058 crore or Rs 21.71 per unit. The record date for the Q4 FY2023 distribution is May 6, 2023, and the distribution will be paid on or before May 12, 2023. The company's revenue from operation rose to Rs 3,419.5 crore in the 2022-23 fiscal, from Rs 2,962.6 crore in the previous year. Embassy REIT CEO .

Embassy Office Parks REIT to invest Rs 300 crore on green initiatives

Embassy Office Parks REIT on Monday said it has committed over Rs 300 crore for ongoing green initiatives across its commercial projects. In a regulatory filing, Embassy REIT informed that the company has "committed over Rs 300 crore to its ESG (environmental, social, and governance) programme across its 43.6 million square feet pan-India portfolio". Embassy REIT said it has recently commissioned the first phase of its 20 MW solar rooftop project. This project aims to generate 30 million units of solar power, offsetting around 25,000 tonnes of CO2 emissions. As part of its 2040 net zero carbon operations goal, Embassy REIT aims to achieve 75 per cent renewable energy usage by 2025. Apart from the existing 100 MW solar plant, the REIT strategically plans to more than double its current 120 MW onsite and offsite renewable energy capacity by installing new solar plants across Bengaluru and NCR. This renewable energy capacity enhancement will be through additional capital investments

Embassy Group sells 42 mn REIT shares to Bain Capital for Rs 1,300 cr

Realty firm Embassy Property Developments Pvt Ltd has sold 4.2 crore shares in Embassy Office Parks REIT to Bain Capital for Rs 1,250-1,300 crore to pare debt. Bengaluru-based Embassy Group has entered into a strategic sale of a certain portion of its shareholding in Embassy Office Parks REIT to Bain Capital, according to a company statement. The company did not disclose any further details. Sources said Embassy Group, who is one of the sponsors of Embassy REIT, has sold around 4.2 crore shares to Bain Capital through block deal for around Rs 1,250-1,300 crore. Embassy Group's stake in Embassy REIT has come down to 8 per cent after this share sale from 12 per cent earlier, sources said. Share price of Embassy REIT closed at Rs 301.38 per share on the BSE. The Group will utilise the amount to reduce its debt. Embassy Group aims to reduce overall debt by approximately 30 per cent before 30th June 2023. "As sponsor of Embassy REIT, the Embassy Group reiterates its commitment to th

Embassy REIT to invest Rs 2,200 cr in 4 yrs to develop new office buildings

Embassy Office Parks REIT will invest around Rs 2,200 crore in the next four years to develop premium workspaces as it sees tremendous growth potential in office market despite global recessionary concerns, its CEO Vikaash Khdloya said. In an interview with PTI, he said the office demand in India would remain strong as large global companies want to open offices in India because of the huge availability of a cost-efficient talent pool and cheap rentals for premium workspaces. This trend would only strengthen amid global recessionary fears, which will lead to increased outsourcing of work to India, Khdloya said. Bengaluru, which is its core market with a significant presence, is leading the resurgence of India's office market that suffered a setback during the COVID pandemic, he added. Embassy Office Parks REIT is India's first Real Estate Investment Trust (REIT) sponsored by global investment firm Blackstone and Bengaluru-based realty firm Embassy group. It has a completed portfoli

Strong leasing activity to benefit Real Estate Investment Trusts

But slowdown in the US and rising interest rates could pose risks

Kotak Realty Fund buys 4.9% stake in Embassy REIT for Rs 1,600 crore

Blackstone Group sold its 4 per cent stake in Embassy REIT to mop up Rs 1,301 crore, data provided by stock exchanges showed.

Blackstone to sell $400 mn stake in REIT Embassy, ADIA eyes investment

Abu Dhabi's sovereign wealth fund, one of the world's largest, is likely to pick up at least half of the stake that Blackstone is to sell, one of the sources said