Embassy Office Parks REIT on Saturday said it will buy Embassy Splendid TechZone (‘ESTZ’), a Grade-A business park, from its sponsor Embassy group for an enterprise value of Rs 1,269 crore.
The proposed acquisition marks Embassy REIT’s entry into Chennai, one of India’s top performing office markets. It intends to raise unit capital of Rs 2,500 crore, primarily to fund the acquisition and reduce the current 30% leverage of the portfolio, providing flexibility for future growth, the REIT said.
