Bengaluru: Embassy Office Parks REIT India’s first listed real estate investment trust, on Thursday up- graded its leasing guidance to 65 million sqft of office space in FY24. despite global financial turmoil and corporates reassessing their re al estate portfolio.
The firm, which is the largest office REIT in Asia by area, has recorded the highest ever leasing of 2 million sqft across 25 deals-encompassing 12 million sq ft of new leases and 700,000 sqft of renewal -at premium rates to market rents in the second quarter of the current fiscal “We have successfully leased 31 million sqft, and the outlook for the full year looks promising, bolstered by a record leasing pipeline of 2.5 msf. We are also very pleased to further strengthen our long-standing partnership with one of our largest clients at Embassy GolfLinks. This, coupled with the strong leasing mentum in the business, has resulted in a revised leasing guidance of 6.5msf for FY2024 from the earlier announced 6 msf” said Aravind Maiya, CEO of Embassy REIT Embassy REIT.
Embassy REIT reported a robust trend of expansionary demand with global captive centres (GCC) from various sectors accounting for 70% of the total demand .
In Q2 of FY24 Embassy REITachle moved a net operating Income (NOT) of 719 crore, marking a 2% increase over the year ago period. Additionally revenue for the same quarter reached 899 crore reflecting 4% growth compared to the previous year.
Source- The Economic Times