Embassy REIT raises Rs.1,000-Cr via NCDs from European bank

Bengaluru-based Embassy Office Parks REIT has raised INR 1,000 crore through the issuance of three-year floating rate non-convertible debentures (NCDs). The NCDs were fully subscribed by a European multinational bank. The NCDs are priced at a spread of 150 basis points over the three-month MIBOR OIS benchmark, resulting in an initial coupon of 6.97%. This transaction marks the first instance of an Indian REIT accessing funding from a commercial bank at the trust level.Founded in 2019, Embassy Office Parks REIT owns and operates a portfolio exceeding 52 million sq ft of office space across Bengaluru, Mumbai, Pune, Chennai and the National Capital Region (NCR).The company plans to use the new financing to access institutional capital that complements traditional market funding and to diversify its financing ecosystem.