Real Estate

Real Estate Transactions

Embassy REIT acquires Grade-A office asset in Bengaluru for Rs.852-Cr

BSE Announcement   Economic Times  

Publicly listed Bengaluru-based real estate investment trust (REIT) Embassy Office Parks is to acquire a 3 lakh sq ft Grade-A office asset in Bengaluru’s Embassy GolfLinks (EGL) Business Park for INR 852 crore. JLL acted as an advisor to the seller, while PwC and Trilegal advised Embassy REIT on the transaction.The acquired property is fully leased, anchored by a global investment firm.The enterprise valuation for the asset is at a discount to the average of two independent assessments and is expected to be DPU (Distribution per Unit)- and NOI (Distribution per Unit)-accretive, with an estimated NOI yield of around 7.9%.