PORTFOLIO REVIEW

A world-class portfolio

Portfolio summary

Property Leasable Area (msf) /Keys/MW WALE (years)(2) Occupancy (%) Rent (` psf/month) GAV(3)
Property Completed Development Total In-place Market MTM (%) `Million % of Total
Embassy Manyata 11.8 3.1 14.8 6.9 93.5 61 92 50 1,73,579 37
Embassy TechVillage 6.1 3.1 9.2 9.3 97.8 70 92 31 1,06,491 23
Embassy GolfLinks(1) 2.7 - 2.7 8.0 97.2 119 148 25 28,053 6
Embassy One 0.3 - 0.3 7.9 5.5 159 147 (8) 4,324 1
Bengaluru Sub-total 20.9 6.2 27.0 7.9 94.2 72 103 42 3,12,447 67
Express Towers 0.5 - 0.5 3.7 91.0 262 270 3 18,403 4
Embassy 247 1.2 - 1.2 3.7 82.1 102 110 7 16,914 4
FIFC 0.4 - 0.4 3.0 77.5 297 270 (9) 13,889 3
Mumbai Sub-total 2.0 - 2.0 3.5 83.3 176 177 1 49,206 11
Embassy TechZone 2.2 3.3 5.5 4.8 88.6 49 48 (1) 22,827 5
Embassy Quadron 1.9 - 1.9 4.7 49.7 47 48 2 12,938 3
Embassy Qubix 1.5 - 1.5 5.0 91.1 40 48 19 10,414 2
Pune Sub-total 5.5 3.3 8.8 4.8 75.9 46 48 5 46,179 10
Embassy Oxygen 2.5 0.7 3.3 10.9 73.3 47 54 14 23,694 5
Embassy Galaxy 1.4 - 1.4 1.9 98.5 35 45 28 9,028 2
Noida Sub-total 3.9 0.7 4.6 7.8 82.1 42 50 19 32,722 7
Sub-total (Commercial Office) 32.3 10.1 42.4 7.0 88.9 71 91 29 4,40,553 95
Four Seasons at Embassy One 230 Keys - 230 Keys - 6.5 - - - 7,278 2
Hilton at Embassy GolfLinks 247 Keys - 247 Keys - 13.7 - - - 3,995 1
Hilton & Hilton Garden Inn at Embassy Manyata (5 & 3 star) - 619 Keys 619 Keys - - - - - 4,341 1%
Hilton & Hilton Garden Inn at Embassy TechVillage (5 & 3 star) - 518 Keys 518 Keys - - - - - 582 0
Embassy Energy 100MW - - - - - - - 9,302 2
Sub-total (Infrastructure Assets) 477 Keys /
100MW		 1,137 Keys 1,614 Keys / 100MW 25,499 5
Total 32.3 msf / 477 Keys / 100MW 10.1 msf / 1,137 Keys 42.4 msf / 1,614 Keys / 100MW 466,051 100

Notes:

  1. Details included in the above table are for 100% stake in Embassy GolfLinks, except GAV which reflects Embassy REIT’s 50% economic interest in GLSP
  2. Weighted against Gross Rentals assuming occupiers exercise their renewal options after the end of the initial commitment period<
  3. Gross Asset Value (GAV) considered per Mar'21, valuation undertaken by iVAS Partners, represented by Mr. Manish Gupta, in conjunction with value assessment services undertaken by CBRE. Valuation exercise undertaken semi-annually

Development Update

We are judiciously deploying 5.7 msf of on-campus development to meet on-going and future tenant demand.


1.1 msf

JP Morgan built-to-suit 100% pre‑committed

Development pipeline1
(msf)

Notes

  1. Excludes 1,137 hotel keys across Hilton & Hilton Garden Inn at Embassy Manyata and Embassy TechVillage
  2. Includes acquisition of 0.6 msf M3 Block B located within overall Embassy Manyata upon estimated building completion in September 2023

Projects in progress

Asset Projects Area (msf) / Keys Completion Date
Embassy Manyata Front Parcel – Hilton Hotels 619 June 2022
Embassy Manyata M3 Block A 1.0 December 2022
Embassy TechVillage Parcel 9 – JPM BTS 1.1 September 2021
Embassy TechVillage Block 8 1.9 March 2024
Embassy TechZone Hudson Block 0.5 June 2022
Embassy TechZone Ganges Block 0.4 June 2022
Embassy Oxygen Tower 1 0.7 March 2023
Total 5.7

Proposed expansions

Asset Projects Area (msf) / keys Remarks
Embassy Manyata L4 Block 0.7 Design finalised
Embassy Manyata F1 Block 0.7 Design to be initiated
Embassy Manyata M3 Block B 0.6 Design completed, excavation and plan sanction underway
Embassy TechVillage Hilton Hotels 518 keys Design finalised, independent feasibility assessment underway
Embassy TechZone Blocks 1.4, 1.9 & 1.10 2.4 Design to be initiated
Total 4.4 msf/518 keys

1.2 msf

Of new leases and renewals

15%

Combined re‑leasing/ renewal spreads

69%

Existing occupier expansion

Notable deals signed
during the year ended March 31, 2021 1

Occupier 2 Asset City Area
('000 sf)		 Sector Quarter
GlobalLogic Embassy Oxygen Noida 37 Technology Q1
Rockwell Automation Embassy TechZone Pune 36 Engineering and Manufacturing Q1
Philips Embassy Manyata Bengaluru 27 Engineering and Manufacturing Q1
Volkswagen Embassy TechZone Pune 23 Engineering and Manufacturing Q1
Indegene Embassy Manyata Bengaluru 16 Healthcare Q1
Luxoft Embassy Quadron Pune 11 Technology Q1
Others Various Various Various Q1
Sub-total 201
ATC Tires Embassy 247 Mumbai 36 Engineering and Manufacturing Q2
Mitel Embassy Manyata Bengaluru 44 Telecom Q2
Mindtree Limited Embassy Manyata Bengaluru 44 Technology Q2
Sub-total 124
Telstra Embassy Quadron Pune 51 Telecom Q3
Wells Fargo Embassy TechVillage Bengaluru 51 Financial Services Q3
Maxlinear Embassy TechVillage Bengaluru 27 Others Q3
Enfusion Embassy TechVillage Bengaluru 26 Technology Q3
Halliburton Embassy TechVillage Bengaluru 16 Engineering and Manufacturing Q3
Bain Capital Express Towers Mumbai 10 Financial Services Q3
Others Various Various 26 Various Q3
Sub-total 206
Morae Global Embassy Manyata Bengaluru 16 Technology Q4
WeWork Express Towers Mumbai 16 Co-working Q4
Great West Global Embassy TechVillage Bengaluru 14 Financial Services Q4
Others Various Various 3 Various Q4
Sub-total 50
Total 581

1 Includes only those leases for which definitive agreements have been executed

2 Actual legal entity name may differ

Embedded rent escalation of
10-15% aids NOI growth Area (msf)

FY2021 update: Achieved
13% rent increase on 8.4 msf

Market rents 29% above
in‑place rents Rent (` psf/month)

25% of leases expire between
FY2022-25 Area expiring (msf)

Hilton at Embassy GolfLinks
  • 247 keys
  • 5-star hotel
  • Operational
  • Occupancy: 14%
  • EBITDA: ` (114) million
  • Ranked #8 - TripAdvisor - out of 1,628 hotels in Bengaluru

Four Seasons at Embassy One
  • 230 keys
  • 5-star luxury hotel
  • Operational
  • Occupancy: 7%
  • EBITDA: ` (229) million
  • Far and East: Best Chinese Premium Dining – by Times Food & Nightlife Awards 2021
Hilton Hotels at Embassy Manyata
  • 619 keys
  • 5-star and 3-star hotel
  • Under construction
  • Expected completion in June 2022
  • 100+k sf retail and convention centre
  • Best Hotel Architecture – by Asia Pacific Property Awards