Embassy Office Parks REIT has raised ₹2,000 crore of coupon-bearing debt with an interest rate of around 7.21 per cent per year for a three-year tenor. The proceeds will be used to refinance certain existing debt and will save around 77 basis points (bps) compared to the current rate.
The non-convertible debentures (NCDs) were issued under Series XIII and saw participation from 11 investors. As part of the transaction, Embassy REIT has also decided to exercise the call option on its Series IX NCDs of ₹500 crore, which carry a coupon of 8.03 per cent enabling early repayment on June 4, ahead of the original maturity date of September 4. Credit rating agency CRISIL has rated the new NCDs as AAA/Stable.
Ritwik Bhattacharjee, Chief Executive Officer, Embassy REIT, said, “This transaction showcases Embassy REIT’s fortress balance sheet and reinforces our standing as the leading credit in India’s commercial real estate sector. We maintain a well-diversified and conservative debt book, and this refinancing positions us well to capitalise on future growth opportunities.”
Embassy REIT is a publically listed Real Estate Investment Trust which operates a 51.1-million-sq-ft portfolio across 14 premium office parks in Bengaluru, Mumbai, Pune, the National Capital Region (NCR) and Chennai.
With inputs from businessline intern Nethra Sailesh
Published on May 20, 2025
