Embassy REIT acquires Embassy TechVillage

Embassy Office Parks REIT announced on December 24 that it has successfully completed the acquisition of Embassy TechVillage (ETV) assets from the Embassy Sponsor, members of the Blackstone group and other selling shareholders for an enterprise value of Rs 97,824 million ($1.3 billion).

Embassy REIT had previously announced this proposed acquisition on November 17, 2020.

The ETV acquisition comprises c.6.1 million square feet of completed area, c.3.1 msf of under-construction area, of which 36 per cent is pre-leased to JP Morgan, and two proposed 518-keys Hilton hotels within the overall ETV campus.

This transaction marks the first large-scale acquisition by a REIT in India and solidifies the REIT’s position in India’s best performing office sub-markets. With this acquisition, Embassy REIT’s leasable area grows 28 per cent to 42.4 msf.

Mike Holland, Chief Executive Officer of Embassy REIT said, “We are delighted to announce the completion of the Embassy TechVillage acquisition. ETV is a unique large-scale business park with a marquee multinational occupier base that is located in one of India’s best-performing office sub-markets. Our ability to raise the unit capital required to fund the acquisition amidst market uncertainties and the ongoing pandemic is a testament to the confidence that investors place in our business model and our team’s execution capabilities.”