Bengaluru: Embassy Office Parks RETT, India’s first listed REIT and the largest office REIT in Asia, has recorded the highest- ever leasing quarter in the December 2023, with the full fiscal year leasing guidance achieved in the last nine months.
The firm reported that it leased 3.5 million square feet of office space across 22 deals during the quarter, while for the last nine months, it leased around 6.5 mil- lion square feet.
“It has been a remarkable quarter for Embassy REIT as we have achieved our annual leasing guidance in just nine months. As our 2.2 million sq ft of pre-leasing to three renowned global companies demonstrates, India continues to be a thriving business hub for Global Capability Centres (GCCs). As more and more multi- nationals set up their centres in India, their need for premium office spaces to house their talent will grow exponentially in the coming years,” said Aravind Mal- ya, chief executive officer of Embassy REIT.
6.5M SQ FT
EMBASSY REIT’S LEASING IN FIRST NINE MONTHS OF FY24
The company signed three large pre-lease deals of 2.2 million sq ft with leading multinationals, including a major Australian Bank, an American retail major and a US-based tech company.
The REIT also refinanced ₹2,600 crore at an average of 8.25%, including first-time commercial paper issuance of ₹1,000 crore.
“The strength of our business is reflected by the excellent response of equity investors to the recent sponsor stake sale, which has resulted in an increase of our public float to 92% and a truly diversified blue-chip unitholder base,” he said.
The REIT’s net operating income (NOI) for the third quarter stood at 760 crore, a percentage growth of 8% compared to last year. The revenue stood at 936 crore, an 8% in- crease from the year ago period.
The board of directors of Embassy Office Parks Management Services, manager to Embassy REIT, at its board meeting held earlier on Friday, declared a distribution of ₹493 crore or ₹5.2 per unit for the quarter. The record date for the distribution is February 12 and the payout is likely by February 17.
Source- The Economic Times
