Embassy REIT plans ₹2,300-cr office space

Embassy REIT Deputy CEO and Chief Operating Officer, Vikaash Khdloya, informed that Blackstone-backed Embassy Office Parks REIT has announced an investment of ₹2,300 crore for the construction of 5.7 million sq ft of office space in Bengaluru, Pune and Chennai. There is an acute shortage of office space in cities like Bengaluru. The company is already seeing green shoots in leasing space and it will gain full momentum in the next 2-3 quarters.

CEO of Embassy REIT, Michael Holland, said that as India's outlook steadily improves with a continued downward trend in active Covid-19 cases and the progress on vaccine roll-out, they remain optimistic that Indian office leasing demand will continue to increase as occupiers accelerate their return-to-work program. Reit completed the acquisition of the ₹9,780 crore Embassy Tech Village (ETV) in December and raised ₹3,680 crore through an Institutional Placement to fund the acquisition. It launched 1.9 m sq ft of new on-campus office development at ETV. It is further looking at large scale dominant office spaces in the top six cities including Bengaluru, Pune and Chennai for inorganic expansion.