Chennai, Embassy Real Estate Investment Trust, which owns and operates 45. million sq ft office infrastructure, has agreed to acquire Embassy Splendi Techzone from Embassy sponsor at an enterprise value of Rs 1,269 crore for its entry into the Chennai market. Have agreed. To finance the acquisition plans, Embassy REI will raise Rs 2,500 crore through institutional placement and reduce the existing portfolio leverage to 27 per cent from 30 per cent, the company said on Saturday.
The Embassy Splendid Techzone on Pallavaram-Thoraipakkam Road in the city has a 5 million sq ft integrated office park that houses several Globa companies including Wells Fargo and BNY Mellon.
With the acquisition, the total office space operated by Embassy REIT will increase to 50.5 million sq ft, positioning it as one of the largest office space real estate investment trusts globally.
"The Board of Managers of Embassis REIT has approved Embassis Splendid Techzone acquisition and an institutional placement through an enabling resolution of up to Rs 3,000 crore, subject to unit holder approval," the company said in a statement today.
Jitendra Virwani, Chairman and Managing Director, Embassy Group, said, “At Embassy Group, our priority is to develop world-class office assets and support the expansion of the REIT's portfolio through a pipeline of opportunities that will enable it to grow organically in the coming years. Will help in growth.,
“Following the successful acquisition of Embassy TechVillage and Embassy Business Hub in Bengaluru, we are pleased to deliver another premier office park in a key market like Chennai and contribute to the continued growth of Embassy REIT,” he said.
IIFL Securities Limited, Kotak Mahindra Capital Company Limited and Morgan Stanley Ind Company Private Limited serve as joint financial advisors to Embassy REIT. The statement said Ernst A Young LLP conducted the financial and tax diligence.
Embassy REIT owns and operates nine office parks totaling 45.4 million sq ft in Bengaluru, Mumbai, Pune and the National Capital Region (NCR).
said Arvind Maiy, Chief Executive Officer, Embassy REIT.
“Embassy Splendid Techzone is a top-notch business park in a leading Chenna micro-market that will take our portfolio to over 50 million sq. ft.This acquisition further diversifies our presence in India, enhancing our ability to deliver embedded growth for all. Our stakeholders,” he said.
The Embassy Splendid Techzone on Pallavaram-Thoraipakkam Road in the city has a 5 million sq ft integrated office park that houses several Globa companies including Wells Fargo and BNY Mellon.
With the acquisition, the total office space operated by Embassy REIT will increase to 50.5 million sq ft, positioning it as one of the largest office space real estate investment trusts globally.
"The Board of Managers of Embassis REIT has approved Embassis Splendid Techzone acquisition and an institutional placement through an enabling resolution of up to Rs 3,000 crore, subject to unit holder approval," the company said in a statement today.
Jitendra Virwani, Chairman and Managing Director, Embassy Group, said, “At Embassy Group, our priority is to develop world-class office assets and support the expansion of the REIT's portfolio through a pipeline of opportunities that will enable it to grow organically in the coming years. Will help in growth.,
“Following the successful acquisition of Embassy TechVillage and Embassy Business Hub in Bengaluru, we are pleased to deliver another premier office park in a key market like Chennai and contribute to the continued growth of Embassy REIT,” he said.
IIFL Securities Limited, Kotak Mahindra Capital Company Limited and Morgan Stanley Ind Company Private Limited serve as joint financial advisors to Embassy REIT. The statement said Ernst A Young LLP conducted the financial and tax diligence.
Embassy REIT owns and operates nine office parks totaling 45.4 million sq ft in Bengaluru, Mumbai, Pune and the National Capital Region (NCR).
said Arvind Maiy, Chief Executive Officer, Embassy REIT.
“Embassy Splendid Techzone is a top-notch business park in a leading Chenna micro-market that will take our portfolio to over 50 million sq. ft.This acquisition further diversifies our presence in India, enhancing our ability to deliver embedded growth for all. Our stakeholders,” he said.
