Rs 1200 crore raised by Embassy REIT for acquiring commercial assets
The country's first publicly listed Real Estate Investment Trust (REIT), Embassy REIT, raised Rs 1200 crore debt from a leading nationalized bank. The amount is raised for funding the acquisition of a 5 mn sq ft commercial asset in Chennai.
The acquisition of the business park in Chennai marks the REIT’s entry into a new growth market. Property to be acquired comprises 1.4 million square feet of completed area, with a 95% occupancy rate.
Also Read: Embassy REIT To Build 61 Lakh Sq Ft Office Space , To Invest Rs 3,800 Crore