Get All Access for $5/mo

Embassy REIT Q2 Net Operating Income up 30% YoY The company has raised INR 4,600 crore debt at 6.5 per cent to refinance existing zero-coupon bond, delivering significant 300 bps interest savings

By Shrabona Ghosh

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

Embassy REIT on Friday reported y-o-y growth in net operating income of 30 per cent to INR 624 crore during the quarter ended September 30, 2021.

The company declared a distribution of INR 537 crore, or INR 5.66 per unit. Of this, INR 4.52 per unit, or 80 per cent, of distributions are tax-free for unitholders.

The company has raised INR 4,600 crore debt at 6.5 per cent to refinance existing zero-coupon bonds, delivering significant 300 bps interest savings. It has recorded a total lease-up of 713,000 square feet across seven deals and has achieved 20 per cent leasing spreads.

Michael Holland, CEO of Embassy REIT, said, "We are delighted to announce yet another strong quarter of continued robust business performance. We delivered our strongest leasing activity since the start of the pandemic, we successfully completed a significant INR 4,600 crores debt raise at an impressive 6.5 per cent interest rate and we received global recognition for our continuing commitment to sustainability. We have reconfirmed our full year guidance as we see multiple tailwinds for our business – India's stabilizing Covid situation, a reviving office leasing market especially in our core Bangalore market, and occupiers' business-expansion driven by global tech mega-trends. These positive trends are clear to our expanding investor base which has tripled in the last twelve months."

Embassy REIT is India's first listed REIT and has the largest REIT office in Asia by area.

Shrabona Ghosh

Correspondent

A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 
News and Trends

Recur Club Announces Credit Offerings for Startups Beyond Series A and SMEs

In FY 24–25, the platform also plans to deploy an additional INR 2000 crores through its Recur Swift program for startups.

News and Trends

Supply-Chain Financing Platform Mintifi Raises USD 180 Mn in Series E, Valuation Soars to USD 850 Mn

The raised funding will enable Mintifi to diversify its product offerings, such as dealer management systems, loans against property, and factoring services, powered by artificial intelligence.

News and Trends

Stride Ventures Launches Fourth Fund with USD 300 Mn Target Corpus

Industry leaders like BlueStone, Upstox, Moneyview, Ather, Pharmeasy, Infra.Market, and Ola Electric have benefited from Stride's support.

News and Trends

AWE Funds to Scale Women-Led ClimateTech Initiatives with CGEF Grant

The grant will empower AWE Funds to expand initiatives, invest in women-led climate companies, enhance accelerator programs, and launch a fellowship nurturing young women professionals in climate and sustainability.

News and Trends

Australian Human Spaceflight Pioneer Expands Indo-Pacific Footprint with New Operations in India

With a focus on pioneering advanced human spaceflight services, the new India office will serve as a strategic hub to cater to the growing demand for innovative space tech solutions in the Indo-Pacific region and foster collaboration with Indian government agencies, research institutions, and private enterprises.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.