At around 3.28 pm, Embassy REIT was trading at 346 per piece down by 2.01% on Sensex.
Mike Holland, Chief Executive Officer of Embassy REIT said, “We are delighted to announce the completion of the Embassy TechVillage acquisition. ETV is a unique large-scale business park with a marquee multinational occupier base that is located in one of India’s best-performing office sub-markets. Our ability to raise the unit capital required to fund the acquisition amidst market uncertainties and the ongoing pandemic is a testament to the confidence that investors place in our business model and our team’s execution capabilities."
Holland added, "This acquisition is consistent with our growth strategy of driving incremental value to Unitholders by integrating high-quality assets which are complementary to our existing portfolio. We expect to continue pursuing strategic and accretive growth opportunities in the market.”
According to the regulatory filing, ETV acquisition comprises c.6.1 million square feet (“msf”) of completed area, c.3.1 msf of under-construction area, of which 36% is pre-leased to JP Morgan, and two proposed 518-keys Hilton hotels within the overall ETV campus.
"This transaction marks the first large-scale acquisition by a REIT in India and solidifies the REIT’s position in India’s best-performing office sub-markets. With this acquisition, Embassy REIT’s leasable area grows 28% to 42.4 msf," Embassy REIT said.
Kotak Investment Banking and Morgan Stanley served as joint financial advisors to Embassy REIT. S&R Associates and Clifford Chance acted as legal advisors to Embassy REIT.