Embassy Office Parks Reit

Embassy Office Parks REIT appoints Ritwik Bhattacharjee as interim CEO

Embassy Office Parks REIT on Thursday appointed Ritwik Bhattacharjee as its interim Chief Executive Officer (CEO) with immediate effect, following Sebi's order to suspend its CEO Arvind Maiya. On Monday, Sebi ordered the suspension of Maiya as the CEO of the Embassy REIT manager firm Embassy Office Parks Management Services, and the appointment of an interim CEO with immediate effect. Ritwik has been associated with the REIT since its listing and was a founding member of the team that helped list Embassy REIT in 2019. He last held the position of Chief Investment Officer at Embassy REIT. Before joining Embassy REIT, Ritwik spent over 12 years as an investment banker at global firms, including Nomura, Citi, UBS and JP Morgan. Embassy REIT is India's first publicly listed Real Estate Investment Trust. It 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 compri

Embassy REIT Q4 results: Net operating income up at 13% to Rs 766 cr

Embassy Office Parks REIT on Thursday reported a 13 per cent increase in its net operating income to Rs 765.6 crore and announced distribution of Rs 494.8 crore to unit holders in the fourth quarter of the last fiscal year. Its net operating income stood at Rs 680.2 crore in the year-ago period. According to a regulatory filing, Embassy REIT has posted an 8 per cent annual increase in its net operating income to Rs 2,981.9 crore during the last fiscal year. Its net operating income (NOI) stood at Rs 2,766.3 crore in the preceding year. The Board of Directors of Embassy Office Parks Management Services, which is manager to Embassy REIT, declared a distribution of Rs 495 crore or Rs 5.22 per unit for Q4 FY24. With this, the cumulative distribution for the entire 2023-24 totals Rs 2,022 crore or Rs 21.33 per unit. "FY2024 has been a blockbuster year for Embassy REIT. We leased a record 8.1 million square feet to leading corporates, the majority of which were GCCs, we delivered 2.2 .

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Embassy Office Parks REIT Q1 net operating income up by 9% at Rs 738 cr

Embassy Office Parks REIT on Wednesday reported 9 per cent increase in net operating income to Rs 737.6 crore for the first quarter of this fiscal year and declared distribution of Rs 510 crore to the unitholders. Net operating income (NOI) stood at Rs 677.3 crore in the year-ago period. Revenue from operations increased 10 per cent to Rs 913.6 crore in the quarter from Rs 829.4 crore in the year-ago period, according to a regulatory filing. Embassy Office Parks REIT declared distribution of Rs 509.96 crore or Rs 5.38 per unit for the quarter under review. The distribution comprises Rs 65.40 crore in the form of interest, Rs 225.59 crore in the form of dividend and Rs 218.01 crore in the form of repayment of SPV (special purposed vehicle) level debt. On operational front, the company gave on lease 1.1 million square feet of space across 22 deals. The Board of Directors of Embassy Office Parks Management Services Pvt Ltd (EOPMSPL), manager to Embassy Office Parks REIT, approved t

Embassy REIT raises Rs 1,050 crore through NCDs to refinance bank loans

Embassy Office Parks REIT expects to secure interest savings of approximately 138 basis points

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Embassy REIT has delivered 50% total returns since listing: Vikaash Khdloya

"Our overall philosophy on co-working has been that it is an amenity for our business parks and occupiers", said Khdloya

REITs: A combination of good returns with room for growth, say experts

Payouts can be affected by vacancy and tenants defaulting on payments

Blackstone sells 57 mn units in Embassy Office Parks REIT for over Rs 2k cr

Global fund Blackstone has sold about 5.7 crore units in Embassy Office Parks REIT for over Rs 2,000 crore as part of its strategy to monetise part of its investment, sources said.

Embassy REIT to raise up to Rs 300 cr via non-convertible debentures

Embassy Office Parks REIT will raise up to Rs 300 crore through issue of non-convertible debentures. The company did not disclose where the funds will be utilised. In a regulatory filing, the company informed that the board of Embassy Office Parks Management Services Pvt Ltd, the manager to Embassy Office Parks REIT, had in November last year approved the raising of debt, including the issue of non-convertible debentures, for an aggregate amount up to Rs 3,641.1 crore in one or more tranches. Out of this, Rs 2,600 crore was raised earlier as REIT NCD Series-III. On Thursday, the debenture committee of the board of directors of the manager, has approved the further issuance of 3,000 listed, rated, secured, redeemable, transferable, rupee denominated non-convertible debentures of face value of Rs 10,00,000 each, aggregating up to Rs 300 crore by Embassy REIT on a private placement basis. In January this year, Embassy REIT had raised Rs 2,600 crore through issue of non-convertible ..

Vacancy levels at 3 REITs set to rise another 300 bps

Work from home, second wave have deferred leasing decisions by occupiers

Embassy Office Parks REIT expects demand to bounce back in early FY22

Occupancies may fall 100-200 bps in the coming quarters

Embassy Office Parks REIT hopes demand will bounce back in early FY22

Request for proposals for nine million square feet of office space are active in the market, said Vikaash Khdloya, deputy CEO at the REIT

Embassy REIT raises Rs 3,680 cr to partly fund acquisition of IT park

Embassy Office Parks REIT has raised Rs 3,680 crore ($501 million) through sale of units to institutional investors and will use this amount to partly fund its acquisition of IT park in Bengaluru

Embassy Office Parks REIT to float QIP, may raise up to $600 million

Floor price of Rs 348.38 per unit approved

Embassy Office Parks REIT to raise up to Rs 2,000 cr via issuance of NCDs

This will be the second fund raise by the listed REIT via the NCD route

Embassy Office Parks REIT to invest Rs 1,500 cr to develop office spaces

This additional 2.6 million square feet of space is in the early stages of construction and will be a part of its existing integrated business parks and campuses

Embassy Office Parks REIT reports rental collections of 97% in Q1FY21

The company said its priority remains delivering a safe workplace and business ecosystem for occupiers and their employees

Blackstone sells Embassy Office Parks REIT units for Rs 2,270 crore

Post this deal, Blackstone stake will come down by around nine per cent from around 55 per cent shareholding earlier.

Blackstone launches block deal in Embassy REIT to raise $250 million

The secondary placement of units in a price band of Rs 340-350 apiece is at a discount of 3.7-6.4 per cent to Tuesday's closing price of Rs 363.55 on the National Stock Exchange.