Embassy Reit News

The debenture committee of the board of directors has approved the issuance of 26,000 listed, rated, secured, redeemable, transferable, rupee denominated NCDs of face value of ₹10 lakh per debenture, the company said in a statement

Reports strong 98.5% rental collections on 26.2 million square feet operational office portfolio and 11% rental increases on 1.9 million square feet.

All of Embassy REIT’s properties continue to remain operational with over 95% of occupiers and over 18,000 people on an average working from the premises since September 1st to date.

The shares were sold at ₹341 per unit, which is a discount of 6.51% to the closing price of TuesdayThe funds raised from this trade will be used to pay back its investors

Blackstone aims to sell Embassy Office Parks REIT units worth $257 million through a block tradeThe trade is happening in a price band of ₹340-350 per unit, which is a discount of 3.5-6.7% to the closing price of Tuesday

The sale represents around 7% stake of the REIT. Currently, Blackstone holds 55% stake in the REIT

IBM is the single biggest tenant for Embassy REIT; it contributes about 12% of rental revenue for REIT, filings show

The office developer halts all construction activity and hotel operations to comply with government directives during the lockdownThe slight drop in rent collection could be attributed to retail and food court rentals, which have been impacted with most companies implementing work from home for their employees

Company posted 16% year-on-year growth in net operating income. Ebitda margin jumped 500 basis pointsThe company, meanwhile, reported a strong performance for the December quarter, with higher income and profitability

CEO Mike Holland says Embassy REIT is likely to acquire large scale business parks and high quality assets and not standalone office buildingsThe REIT receives a ROFO invitation from Embassy Property for the potential sale of around 8.7 million sq. ft. of completed and under-construction office space