Embassy Office Parks’ REIT raises Rs. 3,680 crores by sale of units to institutional investors

Embassy Office Parks' REIT has raised Rs 3,680 crore (USD 501 million) by sale of units to institutional investors. It will use this amount to partly fund its acquisition of IT park 'Embassy TechVillage' in Bengaluru.

Embassy REIT is India's first publicly-listed REIT (Real Estate Investment Trust) sponsored by Blackstone and Embassy group. It was listed in the stock exchanges last year.

In a statement, Embassy REIT said, "it has successfully completed a unit capital raise of Rs 36.8 billion (USD 501 million) through an institutional placement of units."

The Securities Committee of the Board of Directors of Embassy Office Parks Management Services Pvt Ltd, manager of Embassy REIT approved the issuance and allotment of 111,335,400 new units through this institutional placement in a meeting held on December 22.