Bengaluru, India - November 11, 2019
Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed Real Estate Investment Trust (REIT) and the largest in Asia by area, has received an invitation to offer (‘ROFO Notice’) from Embassy Property Developments Private Limited (‘Embassy Sponsor’), certain subsidiaries of the Embassy Sponsor and other shareholders for the potential sale of c.6.2 msf of completed office premises and c.2.5 msf of under-construction area in Embassy TechVillage, an integrated office park situated on the Outer Ring Road in Bengaluru, Karnataka. This ROFO Notice has been issued under the framework of the pre-existing deed of right of first offer (‘ROFO Deed’) between Embassy REIT and the Embassy Sponsor.
The Board of Directors of Embassy Office Parks Management Services Private Limited (‘the “Manager” to Embassy REIT’) has authorized the Manager in its meeting held earlier today, to undertake necessary actions as prescribed under the ROFO Deed framework. The Manager will evaluate the opportunity including, pursuant to the terms of the ROFO Deed, applicable laws and any approvals and consents as may be required. There can be no assurance that the Embassy REIT will enter into any definitive arrangements for the proposed acquisition.
This press release is prepared for general information purposes only. It is only current as of its date, has not been independently verified and may be subject to change without notice. Embassy Office Parks Management Services Private Limited (“the Manager”) and Embassy REIT make no representation or warranty, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness, accuracy or completeness of the content hereof. Each recipient will be solely responsible for its own assessment of the market and the market position of Embassy REIT.
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements or industry results, to differ materially from those expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, recipients of this press release are cautioned not to place undue reliance on these forward-looking statements. The Manager assumes no responsibility to amend or update any forward-looking statements.
About Embassy REIT
Embassy Office Parks is India’s first and only listed REIT. The REIT comprises 25 million square feet (msf) of completed and operational commercial properties across India. With approximately 8 msf of on-campus development in the pipeline, the total portfolio spans 33 million square feet across seven Grade A office parks and four city-centre office buildings in India’s best performing office markets of Bengaluru, Mumbai, Pune and the National Capital Region (NCR). The portfolio is home to over 165 blue chip corporate occupiers, and comprises 75 buildings with strategic amenities, including two completed hotels, two under-construction hotels, and a 100MW solar park that supplies renewable energy to park tenants.
For more information please contact:
Head - Capital Markets & Investor Relations
: +91 80 3322 2222