Chandigarh, Dec 29: Embassy Office Parks REIT (‘Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, is pleased to announce that it has closed the divestment of approximately 376,000 square feet of two strata-owned blocks at Embassy Manyata Business Park in Bengaluru for a total consideration of ₹530 crore to EAAA Alternatives’ first commercial real estate fund – Rental Yield Plus.
Amit Shetty, Chief Executive Officer, Embassy REIT, said, “We are pleased to conclude this transaction which creates long-term value for our stakeholders. This divestment aligns with our capital recycling strategy, enhances portfolio efficiency, and provides us with greater flexibility to reinvest in new opportunities.”
Gautam Hora, Managing Director, Rental Yield Plus Fund, said, “This transaction reinforces our commitment to acquiring prime assets in India’s most resilient markets. Strengthening our ownership at Greenheart Tech Park (~1.5 msf within Embassy Manyata) allows for a more cohesive management approach, providing us the opportunity to execute our value-enhancement strategy and drive superior outcomes for our tenants and investors.”
Transaction Highlights
- Transaction value at ₹530 Crores
- Distribution per Unit (DPU) accretive transaction
Trilegal acted as the legal advisor to Embassy REIT and Aeka Advisors advised Embassy REIT on structuring the transaction.
