Embassy Office Parks, the largest Real estate investment trust is planning to elevate up to $400 million from key investors as the company is seeking to cater the office space demands from both domestic & global giants. According to the sources, the group for properties has appointed several investment banks such as Morgan Stanley & Kotak India to undertake the deal, which it projects to finish by June.
The financial capital raised would be utilized to repay the debt & obtain land in the southern city of Chennai, in which the Embassy group is fostering to strengthen its presence precisely.
The Commercial Real estate is emerging in India with great domestic & global companies. As per the consulting firm CBRE, Indian companies leased out 61.6 million square feet of office space in the last quarter of the year 2023.
As a biggest Office REIT in Asia, Embassy aims to look for approval from board in upcoming weeks for the deal that plans to obtain a QIP – Qualified Institutional Placement, a tool used by scheduled Indian ventures to lift funds from mutual & other large organizations.
Holding the properties in four key cities of India including National capital region, Bengaluru, Mumbai & Pune, Embassy has nearly 245 occupants, majorly from the tech & finance based sectors. A greater part of those tenants are Fortune 500 companies.
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