Embassy REIT Prices ₹1,000 crores of 5-Year Non-Convertible Debentures at 7.73%

 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 ₹1,000 crores of five-year coupon-bearing debt at an interest rate of 7.73%. Embassy REIT will utilize the proceeds from this debt raise to repay its certain existing debt. Through this refinance, Embassy REIT will be able to secure c.70 basis points (“bps”) interest savings from the existing rate.

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

“We are pleased to announce this fundraise of ₹1,000 crores at a highly competitive rate, which affirms our position as the leading credit in commercial real estate. The offer witnessed strong participation from new and existing investors, including numerous first-time participants across the mutual fund, pension and insurance sectors. Raising a 5-year NCD allows us to optimally stagger our liability profile and ensure we continue to finance our growth and the rollover of debt maturities prudently.”

Transaction Highlights

• NCD Issuance of ₹1,000 crores of Embassy REIT Series XII NCDs 2024 with effective interest rate of 7.73%
• Robust demand from institutional investors with 12 different investors participating
• Nearly 55% of the demand generated from existing investors who continue to demonstrate high conviction in Embassy REIT’s industry-leading credit profile
• Annual interest savings of c.70 bps secured with established strategy to capitalize on competitive pricing
• Both CRISIL and CARE have assigned “AAA/Stable” rating to the NCDs issued

Talwar Thakore & Associates served as the legal counsel to Embassy REIT.