Embassy REIT Raises ₹2,000 Crore to Streamline Debt and Cut Costs
Embassy Office Parks REIT raises ₹2,000 crore via debt to refinance existing borrowings, reducing interest costs by 77 basis points. The debt, with a three-year tenure and 7.21% interest rate, attracted interest from 11 institutional investors. Embassy REIT manages a substantial real estate portfolio across India's major cities.
- Country:
- India
Embassy Office Parks REIT has successfully raised ₹2,000 crore through debt issuance, aiming to refinance its current borrowings and cut down on interest expenses.
In a recent regulatory filing, the company disclosed that this coupon-bearing debt, fixed at a 7.21% interest rate over a three-year period, will help reduce interest costs by approximately 77 basis points.
The offering drew significant attention from institutional investors, with 11 entities participating. CEO Ritwik Bhattacharjee emphasized the transaction's reflection of Embassy REIT's strong financial standing and its strategic positioning for future opportunities. The firm's portfolio includes substantial commercial real estate and renewable energy assets.
(With inputs from agencies.)
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