Embassy REIT expands by acquiring Chennai biz park
The acquisition, primarily funded through debt of Rs 1,200 crore and internal accruals, aims to expand Embassy’s portfolio and grow its business.
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BENGALURU: Embassy Office Parks REIT has successfully acquired a massive 50 lakh square feet business park in Chennai for Rs 1,185 crore, according to a regulatory filing on Monday.
The acquisition, primarily funded through debt of Rs 1,200 crore and internal accruals, aims to expand Embassy’s portfolio and grow its business.
The new acquisition, named ‘Embassy Splendid TechZone (ESTZ)’, is a Grade-A business park that includes 1.4 million square feet of completed buildings, 1.6 million square feet under construction, and another 2 million square feet earmarked for future development. This move boosts Embassy REIT’s total portfolio to 50.5 million square feet.
Aravind Maiya, CEO of Embassy REIT, noted that the acquisition not only strengthens their high-quality office assets but also facilitates their entry into Chennai.