Embassy Parks fixes ₹1,500-cr realty space on radar
Embassy Office Parks REIT has decided to invest ₹1,500 crore over a period of time to add 2.6 million square feet of commercial space into its portfolio of 26 million square feet of operational office space. This additional 2.6 mn sq feet of space is in the early stages of construction and will be a part of its integrated business parks and campuses. Vikaash Khdloya, Deputy CEO at Embassy Office Parks REIT, informed that the earliest delivery will come in June of 2022 and given its liquidity availability and balance sheet, the company is going ahead with the development. The Blackstone-backed REIT has another 5 million potential developments in its existing parks. The Bengaluru-based office developer reported a muted 1 per cent year-on-year rise in net operating income for the quarter ended June at ₹456.9 crore. Rental collections from office occupiers remained robust at 98.9 per cent for the quarter with rental increases of 14 per cent on 1.8 msf from 22 office leases across the portfolio.
📅Published on:
10 August 2020
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