Embassy Office Parks REIT (“Embassy REIT”), India’s first listed Real Estate Investment Trust and Asia’s largest office REIT by area, announced the successful raising of ₹2,000 crores through the issuance of Series XIII Non-Convertible Debentures (NCDs) at an attractive effective interest rate of approximately 7.21% for a 3-year tenor. This transaction, completed on May 20, 2025, marks a significant milestone in Embassy REIT’s strategic financial management, aimed at optimizing its debt portfolio and strengthening its balance sheet.

The proceeds from this debt raise will primarily be utilized to refinance certain existing debt obligations, particularly Embassy REIT’s Series IX NCDs amounting to ₹500 crores that carry a higher coupon rate of 8.03%. Embassy REIT has exercised the call option on these Series IX NCDs for early redemption on June 4, 2025, well ahead of their original maturity date of September 4, 2025. This refinancing initiative is expected to deliver substantial interest cost savings of around 77 basis points, enhancing the REIT’s overall financial efficiency and flexibility.

The issuance of ₹2,000 crores Series XIII NCDs witnessed robust demand from institutional investors, with 11 different entities participating, highlighting strong market confidence in Embassy REIT’s creditworthiness and growth prospects. Furthermore, CRISIL has assigned a high credit rating of “AAA/Stable” to these newly issued NCDs, underscoring Embassy REIT’s position as a leading credit in India’s commercial real estate sector.

Ritwik Bhattacharjee, Chief Executive Officer of Embassy REIT, stated, “We are pleased to announce this ₹2,000 crore fundraise at an attractive rate of ~7.21%. 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 capitalize on future growth opportunities.”

Embassy REIT owns and operates a massive portfolio spanning 51.1 million square feet across 14 office parks located in India’s prime office markets including Bengaluru, Mumbai, Pune, the National Capital Region (NCR), and Chennai. The portfolio includes 40.3 million square feet of completed operating area, hosting 272 leading global companies. Additional strategic assets include four operational business hotels, two hotels under construction, and a 100 MW solar park supplying renewable energy to tenants. Embassy REIT is globally recognized for its sustainability initiatives, earning a 5-star rating from both the British Safety Council and GRESB, and inclusion in the 2023 Dow Jones Sustainability Indices.

This ₹2,000 crore debt raise and refinancing will enable Embassy REIT to maintain its conservative capital structure while positioning itself for continued growth and operational excellence in India’s dynamic commercial real estate market.

For more details, stakeholders may visit Embassy Office Parks REIT’s official website at www.embassyofficeparks.com or contact the investor relations team.

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