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Embassy REIT raises ₹1,550 crore througj NCDs and term loan facilities
The fundraise includes ₹750 crore via Embassy REIT Series XIV NCDs, priced at a 6.97 per cent coupon, and an ₹800 crore term loan from a leading bank at a floating rate of 7.40 per cent with a 15-year tenor. The NCDs saw strong demand from institutional investors, particularly mutual funds, and were ultimately priced 6 basis points below the offered rate due to high market interest.
Ritwik Bhattacharjee, Chief Executive Officer of Embassy REIT, said, 'We are pleased to announce the successful closure of the fundraise, which saw strong participation from both mutual funds and leading banks. The ₹750 crore NCD issuance at a 6.97 per cent coupon marks the lowest rate we have achieved in the past four years, and it reaffirms our position as a top-tier credit in India's commercial real estate sector. This refinancing continues to support our strategy of optimally managing our balance sheet and positions us well to finance our future growth initiatives.'
Embassy REIT, the largest office REIT in Asia by area, has a portfolio of about 51.1 million square feet spanning 14 office parks located in India's top-performing commercial markets—Bengaluru, Mumbai, Pune, the National Capital Region (NCR), and Chennai. Of this, 40.3 million square feet is completed and operational, hosting over 270 of the world's leading companies.
The company's portfolio also includes strategic amenities such as four operational business hotels, two hotels under construction, and a 100 MW solar park that provides renewable energy to its tenants.
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