Embassy Office Parks REIT's net profit up 30.87% in Q1 FY24
Embassy Office Parks REIT's net operating income grew by 9% year-on-year to Rs 738 crore. The board approved the raising of debt up to an aggregate amount of Rs 16,000 million.
Embassy Office Parks REIT's net operating income grew by 9% year-on-year to Rs 738 crore. The board approved the raising of debt up to an aggregate amount of Rs 16,000 million.
Currently, there are only four listed REIT entities in India. Embassy Office Parks REIT, Mindspace Business Parks REIT and Brookfield India REIT are office space-backed REITs, While Nexus Select Trust is the first mall and retail-asset-backed REIT in India.
Embassy REIT will utilize the proceeds from this debt raise to refinance bank loans, which are due for an interest reset in the coming months.
The proceeds shall be utilized for refinancing of existing loan, capital expenditure and working capital requirement of SPVs of Embassy REIT and general corporate purposes.
The board of directors of Embassy Office Parks Management Services, manager to Embassy REIT, approved the appointment of Aravind Maiya as the new CEO with effect from July 01, 2023.
Embassy REIT will acquire the entire paid up share capital of ECPL from the sellers, i.e., JV Holding (JVHPL, an affiliate of Embassy Property Developments) and another shareholder of the Embassy group.
On March 10, 2023, Embassy REIT commissioned first phase of its 20 MW solar rooftop project, which aims to generate 30 million units of solar power, offsetting around 25,000 tonnes of CO2 emissions.
In the regulatory filing, Embassy Property Developments said that it undertook revocation of the pledge of 4,26,20,523 units (aggregating 4.49% of the total outstanding units of the Embassy REIT) on March 3, 2023. After the revocation of the pledge, it sold 4,26,20,523 units for Rs 1,275.80 crore.
Embassy Office Parks REIT (Embassy REIT) will use the proceeds of this debt raise primarily to repay existing construction debt and for general corporate purposes.
The board of directors of Embassy Office Parks Management Services, manager to Embassy Office Parks REIT, declared distribution of Rs 503.33 crore/ Rs 5.31 per unit for the quarter ended December 31, 2022.
Embassy Office Parks was India's first REIT to list in 2019. It owns and operates more than 43.2 million square feet of office parks and office buildings in cities such as Bengaluru and Mumbai and is also the largest office REIT in Asia by area.