Embassy REIT Receives Regulatory Approval for Simplifying the Holding Structure of Embassy TechVillage
Bengaluru, India, March 01, 2022
Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, today announced that Scheme of arrangement (the ‘Scheme’) involving Embassy Office Ventures Private Limited (‘EOVPL’) and Vikas Telecom Private Limited (‘VTPL’) and their respective shareholders has become effective on February 28, 2022, upon necessary filing with the Registrar of Companies pursuant to the approval of the Scheme by the National Company Law Tribunal (‘NCLT’) vide its order dated February 17, 2022. Under the scheme, EOVPL shall be merged with VTPL, which will become a 100% directly held Special Purpose Vehicle of Embassy REIT.
Michael Holland, Chief Executive Officer of Embassy REIT, said,
“The completion of this key restructuring exercise simplifies the holding structure of Embassy TechVillage (‘ETV’), a marquee property that Embassy REIT acquired in the last fiscal year. The collapsing of ETV’s legacy two-tier legal entity structure enables an increase in the proportion of dividend component in our quarterly distributions. As REIT dividends are tax-free, this restructuring shall improve post-tax distributions to the benefit of our Unitholders. We continue to focus on creating long-term value to maximize returns for our growing Unitholder base.”
About Embassy REIT
Embassy REIT is India’s first publicly listed Real Estate Investment Trust. Embassy REIT owns and operates a 42.6 million square feet (‘msf’) portfolio of eight infrastructure-like office parks and four city‑centre office buildings in India’s best-performing office markets of Bangalore, Mumbai, Pune, and the National Capital Region (‘NCR’). Embassy REIT’s portfolio comprises 33.6 msf completed operating area and is home to over 200 of the world’s leading companies. The portfolio also comprises strategic amenities, including three operational business hotels, three under‑construction hotels, and a 100 MW solar park supplying renewable energy to tenants. For more information, please visit www.embassyofficeparks.com.
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.
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