Embassy REIT raises fund from Bajaj Housing Fin to repay loans

20 Feb 2023 CW Team

Embassy Office Parks REIT has secured a Rs 10 billion term loan from Bajaj Housing Finance to primarily repay existing debt. Embassy REIT stated that the proceeds of this debt raise will be used primarily to repay existing construction debt and for general corporate purposes.

Embassy REIT saves money on interest with this refinance thanks to a refinancing spread of 60 basis points (bps), and the long tenor loan helps extend its debt maturity profile.

Amidst a rising interest rate environment, we are pleased to announce this debt raise of Rs 1,000 crore from a marquee NBFC at industry-leading terms.

The entire debt book is now at fixed rates for an average of 18 months, demonstrating active capital management to the benefit of unitholders.

Embassy REIT remains well-positioned to finance its growth, thanks to its access to a growing capital pool that includes banks, mutual funds, insurers, FPIs, and now NBFCs.

Embassy REIT is the first publicly traded Real Estate Investment Trust in India. In Bengaluru, Mumbai, Pune, and the National Capital Region, it owns and operates a 43.6 million sq ft portfolio of eight infrastructure-like office parks and four city-centre office buildings (NCR). Its portfolio includes 34.3 million sq ft of finished operating area.

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