• REIT’s largest built-to-suit to date for a global banking major

Bengaluru, India, August 21, 2024

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 signed an Agreement to Lease (‘ATL’) with global banking major the Commonwealth Bank of Australia (‘CBA’) for a premium office campus of approximately 0.8 msf along with an expansion option of an additional 0.6 msf at Embassy Manyata, one of Asia’s largest and India's most prominent business parks. The new space is being designed as a comprehensive built-to-suit solution, and Embassy REIT expects to deliver the facility including fitouts in the fourth quarter of the calendar year 2026.

Jitu Virwani, Chairman & Managing Director of Embassy Group, said,

“Embassy has been home to CBA for 4 years, and we’re delighted to extend our long-standing partnership with one of the world’s leading financial institutions. India continues to be a prime destination that offers both exceptional talent and top-tier office spaces. We’re proud to host some of the world’s leading banks with a combined market capitalization of $1 trillion in our parks. We look forward to delivering a world-class, one-of-its-kind campus to Commonwealth Bank of Australia.”

Aravind Maiya, Chief Executive Officer, Embassy REIT, said,

"We are thrilled to announce this landmark lease deal with CBA, which marks our largest built-to-suit project to date. In the last few years, we’ve developed five built-to-suit facilities comprising over 4 msf for global occupiers whose real estate needs are getting increasingly more sophisticated. Embassy Manyata's integrated development and world-class ecosystem and amenities were key factors for CBA. The project's scale and sophistication exemplifies our ability to execute large-scale developments that meet the highest standards of global clients like CBA.”

Spanning over 120 acres, Embassy Manyata is a premier business destination that sets the standard for modern workspaces with its state-of-the-art infrastructure and world-class amenities. Strategically located in the prominent growth corridor of North Bengaluru, Embassy Manyata has become a highly sought-after hub for major multinationals, offering a vibrant ecosystem tailored to the diverse needs of global businesses. The park's array of top-tier facilities includes dual-branded Hilton hotels, renowned F&B retail spaces, outdoor sports zones, and expansive food court areas, among others.

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 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 37.7 msf completed operating area and is home to 258 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.

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.