Embassy REIT distributes Rs1,880cr to unit holders in the first annual year; stock trades in green

Embassy Office Parks REIT would be India's publicly-listed Real Estate Investment Trust (REIT), which has been available for trading from April 01, 2019.

Jul 16, 2020 01:07 IST India Infoline News Service

Real Estate market
The Embassy Office Parks REIT on Thursday released its first annual report for the financial year FY20. The report covers the performance of Embassy REIT since its listing on stock exchanges, and showcases the resilience of the underlying business, despite the COVID-19 pandemic.

Jitu Virwani, Chairman of Embassy REIT, said, “I am very pleased to present to you Embassy REIT’s first-year annual report. Our full-year results delivered on the expectations we set when the REIT listed in April 2019. Embassy REIT delivered c.2.4 msf of new leasing, distributed Rs1,880cr (c.$250 million) and returned c.25% in total returns to Unitholders. This performance is a testament to the quality of the REIT structure and world-class properties in Embassy REIT, a dedicated and exceptional management team, and the strategic vision and partnership between two sponsors who believe in the potential and resiliency of commercial real estate here in India”.

While Mike Holland, Chief Executive Officer, said, “Embassy REIT’s business parks and office spaces represent the ideal workplace for the talented Indian workforce. Our institutional-grade properties with safe and secure community spaces cater to the best in class technology and other global occupiers by providing the necessary physical and digital infrastructure and collaborative working environment".

In view of Covid-19, Holland adds, "As we navigate this pandemic, we believe that demand will continue towards higher quality, lower density workspaces like those of our parks in the medium term. This aligns well with our overall product offering and strategy of providing occupiers and their employees with a total business ecosystem”.

Embassy Office Parks REIT would be India's publicly-listed Real Estate Investment Trust (REIT), which has been available for trading from April 01, 2019.

On Sensex, the Embassy REIT was trading at Rs339.90 per piece, higher by 1.15% at around 1.09 pm. The stock has also touched an intraday high and low of Rs343.99 per piece and Rs338 per piece, respectively. 

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