Embassy REIT Raises ₹2,000 Crores at 7.21% Interest Rate
Bengaluru: Embassy Office Parks REIT, India’s first listed REIT and Asia’s largest office REIT by area, has successfully raised ₹2,000 crores through Non-Convertible Debentures (NCDs) at an interest rate of 7.21% for a three-year tenure. The funds will be used to refinance existing debt, resulting in interest cost savings of approximately 77 basis points.
Key Highlights
- NCD Issuance: ₹2,000 crores of Embassy REIT Series XIII NCDs 2025 with an effective interest rate of 7.21%
- Robust Demand: 11 institutional investors participated, demonstrating strong demand
- Early Repayment: The REIT will exercise its call option to prepay ₹500 crores of Series IX NCDs (coupon: 8.03%) on June 4, 2025, ahead of the original maturity date
- Interest Savings: Secured annual interest savings of approximately 77 basis points
- Rating: CRISIL has assigned a “AAA/Stable” rating to the NCDs issued
Ritwik Bhattacharjee, Chief Executive Officer of Embassy REIT, said, “We are pleased to announce this ₹2,000 crore fundraise at an attractive rate of ~7.21%. This transaction showcases Embassy REIT’s fortress balance sheet and reinforces our standing as the leading credit in India’s commercial real estate sector.” ¹
