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business | IST

Embassy Office Parks REIT to buy Embassy TechVillage for $1.3 billion

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Embassy Office Parks REIT, India’s first listed real estate investment trust, on Wednesday said it will acquire Embassy TechVillage in Bengaluru for $1.3 billion.

Embassy Office Parks REIT, India’s first listed real estate investment trust, on Wednesday said it will acquire Embassy TechVillage in Bengaluru for $1.3 billion.
In an interview to CNBC-TV18, Mike Holland, chief executive officer, said, "We have spoken about three real broad categories in fundraising. Rs 2,300 crore preferential allotment to one of the unitholders of the existing target asset."
"We are looking at a Rs 3,700 crore institutional placement, approximately $500 million. The balance we will refinance Rs 3,600 crore existing debt that is there in the assets," he added.
On occupancy level, he said, "From a qualitative sense, this is an absolutely great asset. The committed occupancy is over 98 percent."
According to Holland, about 12 percent of the occupants are from the financial sector and the rest comes from eCommerce and technology.