Embassy REIT Raises ₹1,550 crores of Debt, including ₹750 crores of NCDs priced at 6.97%

Bengaluru, India, June 30, 2025

Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, announced today that it has successfully raised ₹1,550 crores through a combination of Non-Convertible Debentures (NCDs) and term loan facilities. The proceeds will be used to refinance certain existing debt, resulting in annual interest savings of approximately 113 basis points (bps).

The fund raise comprises ₹750 crores via Embassy REIT Series XIV NCDs, priced at a coupon of 6.97%, and a ₹800 crore term loan from a leading bank that is priced at a floating interest rate of 7.40% over a 15-year tenor. The NCDs, which received robust demand from institutional investors, especially mutual funds, were priced 6 bps lower than the offered rate due to strong market appetite.

Ritwik Bhattacharjee, Chief Executive Officer of Embassy REIT, said,

“We are pleased to announce the successful closure of this ₹1,550 crores fund raise, which saw strong participation from both mutual funds and leading banks. The ₹750 crore NCD issuance at a 6.97% 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.”

Transaction Highlights

Raised ₹750 crores through Embassy REIT Series XIV NCDs 2025 at an effective rate of 6.97%

Strong demand from mutual funds drove pricing 6 bps lower than the initial offered rate

Secured ₹800 crores in SPV-level term loans from a leading bank at 7.40% floating rate over 15 years

Expected annual interest savings of ~113 bps

NCDs rated “AAA/Stable” by CRISIL
Talwar Thakore & Associates served as the legal counsel to Embassy REIT.