NEW DELHI, Dec 17: Embassy Office Parks REIT has raised Rs 1,000 crore through issue of Non-convertible Debentures (NCDs) to repay its outstanding loan.
In a regulatory filing on Tuesday, Embassy REIT said it has raised Rs 1,000 crore through five-year coupon-bearing debt at an interest rate of 7.73 per cent.
Embassy REIT will utilise the proceeds from this debt raise to repay its certain existing debt.
Through this refinance, Embassy REIT will be able to secure around 70 basis points of interest savings from the existing rate.
Ritwik Bhattacharjee, Interim Chief Executive Officer, Embassy REIT, said, the company has raised this amount at a highly competitive rate.
“Raising a 5-year NCD allows us to optimally stagger our liability profile and ensure we continue to finance our growth and the rollover of debt maturities prudently,” he said.
Embassy REIT is India’s first publicly listed Real Estate Investment Trust.
Embassy REIT owns and operates a 51.1 million square feet portfolio of 14 office parks in Bengaluru, Mumbai, Pune, the National Capital Region (NCR) and Chennai.
Embassy REIT’s portfolio comprises 38.4 million square feet of completed operating area. The portfolio also comprises strategic amenities, including four operational business hotels, two under-construction hotels, and a 100 MW solar park supplying renewable energy to tenants. (PTI)
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