Embassy Office Parks REIT, India’s first listed REIT and the largest office REIT in Asia by area, announced that it has successfully raised a term loan of Rs 1,000 crores from Bajaj Housing Finance Limited.
Embassy REIT will use the proceeds of this debt raise primarily to repay existing construction debt and for general corporate purposes. With this refinance, Embassy REIT achieves interest savings through a ~60 basis points (“bps”) positive refinancing spread, and the long tenor loan helps extend its debt maturity profile.
Atul Jain, Managing Director of Bajaj Housing Finance Limited, said, “We are delighted to partner with Embassy REIT, and we hope to continue with this mutually beneficial partnership and look to strengthen the relationship further.”
On January 25, 2023, the Board of Directors of Embassy Office Parks Management Services Private Limited, the Manager to the Embassy Office Parks REIT (Embassy REIT), had approved availing a term loan of Rs 1,000 crores for refinancing of debt availed by SPVs of the REIT and general corporate purposes.
