Embassy Office Parks REIT gathers 3,680 cr as funding for its partial acquisition of IT park.

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Embassy Office Park REIT(Real Estate Investment Trust) which got listed on the stock exchange last year & is funded by Blackstone & Embassy group has sold its units to institutional investors to raise 3,680 as partial funding of its acquisition of IT park.

Embassy REIT stated, "it has successfully completed a unit capital raise of Rs 36.8 billion ($501 million) through an Institutional Placement of units."

On December 22 the BOD of Embassy Office Parks Management Services Pvt Ltd, Manager to Embassy REIT, told that they have allotted 11,13,35,400 units through institutional placement.

The Chief Executive Officer Of Embassy REIT Stated, "the strong demand for our offering amidst market uncertainties and the ongoing pandemic is a testament to the confidence in Embassy REIT's inorganic growth strategy of owning quality office assets such as Embassy TechVillage."

The placement of new units by the organization has enhanced liquidity of the unit furthermore the Embassy REIT proposes to use these funds is acquiring the tech park from the Embassy Sponsor, members of the Blackstone group, and other selling shareholders, for a total enterprise value of Rs 9,782.4 crore($1.3 billion).

The deal is expected to close by end of December 2020 & will lead to an increase in  Embassy REIT's commercial office portfolio by 28 percent to 42.4 msf.

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