Bengaluru, India, July 25, 2025

Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, announced today that it has successfully raised ₹2,000 crores via a 10-year Non-Convertible Debenture (NCD). This long-tenor issuance, the first by an Indian REIT, underscores Embassy REIT’s strong credit fundamentals and ready access to India’s debt capital markets.

The issue was priced at an effective coupon of 7.33% over a 10-year tenor, with a step-up structure of 7.25% for the first five years and 7.45% for the subsequent five years.

The proceeds will be used to refinance certain existing debt, and result in annual interest savings of approximately 70 basis points (bps).

The issuance saw robust demand from a diverse set of over 15 leading institutional investors, including insurance companies, pension funds, and mutual funds, and was oversubscribed by 1.4x. The 10-year structure aligns well with the long-duration investment appetite of the investor base.

Ritwik Bhattacharjee, Chief Executive Officer of Embassy REIT, said,

“We are delighted to pioneer the first-ever 10-year NCD issuance in India’s REIT market and raise ₹2,000 crores from leading institutions. This transaction optimally staggers our liability profile and enables us to prudently manage future debt maturities.”

Transaction Highlights

• Landmark 10-year issuance: First such NCD raised by a listed REIT in India
• ₹2,000 crores via Embassy REIT Series XV NCDs 2025 at an effective 7.33% coupon for 10 years
• 1.4x oversubscription; participation from 15+ top-tier Insurance, Pension and Mutual Fund investors
• Issuance was anchored by large Life Insurance companies and Pension Funds as the 10-year NCD matches their longer tenor investment requirement
• Step-up coupon structure (7.25% for first 5 years, 7.45% thereafter) with a put option at the 5-year mark
• NCDs rated “AAA/Stable” by CRISIL and “AAA/Stable” by CARE

Talwar Thakore & Associates served as the legal counsel to Embassy REIT.

About Embassy REIT

Embassy REIT is India’s first publicly listed Real Estate Investment Trust and the largest office REIT in Asia, by area. Embassy REIT owns and operates a 51.1 msf portfolio of 14 office parks in India’s best-performing office markets of Bengaluru, Mumbai, Pune, the National Capital Region (‘NCR’) and Chennai. Embassy REIT’s portfolio comprises 40.3 msf completed operating area and is home to 272 of the world’s leading companies. The portfolio also comprises strategic amenities, including four operational business hotels, two under‑construction hotels, and a 100 MW solar park supplying renewable energy to tenants. Embassy REIT’s industry leading ESG program has received multiple accolades from renowned global institutions and was awarded a 5-star rating both from the British Safety Council and GRESB. Embassy REIT was included in the 2023 Dow Jones Sustainability Indices, making it the first REIT in India to be recognised for its sustainability initiatives by a leading global benchmark. For more information, please visit www.embassyofficeparks.com.

Disclaimer

This press release is prepared for general information purposes only. The information contained herein is based on management information and estimates. 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”) in its capacity as the Manager of Embassy REIT, 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 and completeness of the content hereof. Each recipient will be solely responsible for its own investigation, assessment and analysis of the market and the market position of Embassy REIT. Embassy REIT does not provide any guarantee or assurance with respect to any distribution or the trading price of its units.

This press release contains forward-looking statements based on the currently held beliefs, opinions and assumptions of the Manager. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of Embassy REIT or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, recipients of this press release are cautioned not to place undue reliance on these forward-looking statements. The Manager disclaims any obligation to update these forward-looking statements to reflect future events or developments or the impact of events which cannot currently be ascertained. In addition to statements which are forward looking by reason of context, the words ‘may’, ‘will’, ‘should’, ‘expects’, ‘plans’, ‘intends’, ‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’ or ‘continue’ and similar expressions identify forward-looking statements. There can be no assurance that any potential opportunities will result in definitive transactions.

This press release also contains certain financial measures (including guidance and proforma information) which are not measures determined based on GAAP, Ind-AS or any other internationally accepted accounting principles, and the recipient should not consider such items as an alternative to the historical financial results or other indicators of Embassy REIT's cash flow based on Ind-AS or IFRS. These non-GAAP financial measures, as defined by the Manager, may not be comparable to similarly titled measures as presented by other REITs due to differences in the way non-GAAP financial measures are calculated. Even though the non-GAAP financial measures are used by management to assess Embassy REIT's financial position, financial results and liquidity and these types of measures are commonly used by investors, they have important limitations as analytical tools, and the recipient should not consider them in isolation or as substitutes for analysis of Embassy REIT's financial position or results of operations as reported under Ind-AS or IFRS. Certain figures in this press release have been subject to rounding off adjustments. Actual legal entity name of occupiers may differ.