New Delhi: Realty firm Embassy Office Parks REIT has acquired 3 lakh sq ft office property in Bengaluru for Rs 852 crore to expand business.Embassy REIT owns and operates a 50.8 million square feet portfolio of 14 office parks in Bengaluru, Mumbai, Pune, Delhi-NCR and Chennai. The portfolio comprises 40.9 million sq ft of operational area.
In a regulatory filing on Wednesday, the company informed that it has entered into definitive agreements to acquire a 0.3 million square feet office property located within Embassy GolfLinks Business Park in Bengaluru."The transaction, valued at Rs 8,520 million (Rs 852 crore), aligns with Embassy REIT's strategy of disciplined, accretive growth," it added.
Amit Shetty, Chief Executive Officer of Embassy REIT, said the acquisition underscores the company's strategy of driving growth through high-quality, yield-accretive investments in India's most dynamic office markets."With a 100 per cent leased, long-tenured asset anchored by a leading global investment firm, this acquisition further strengthens our presence in this premier micro-market," he added.
The acquisition will boost the company's cash flow and also benefit unitholders, Shetty said.Embassy REIT portfolio also comprises four operational business hotels, two under-construction hotels, and a 100 MW solar park supplying renewable energy to tenants.
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