Embassy Reit to invest Rs 2,300 cr to develop 5.7 mn sq ft office space

Says it sees an opportunity in the drop in overall supply in Bengaluru due to liquidity crunch

Planning to kick-start its next phase of growth in India, Blackstone-backed Embassy Office Parks Reit announced an investment of Rs 2,300 crore for construction of 5.7 million sq ft of office space over the next three years. “As there’s supply side reduction in the overall market because of liquidity crunch, we see this as an opportunity in markets such as Bengaluru,” said Embassy REIT Deputy CEO and Chief Operating Officer Vikaash Khdloya.

The Reit on Friday reported a 15 per cent decline in consolidated net profit to Rs 214.8 crore for the third quarter ended December, as compared to Rs