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Bain Capital has reduced its holding in Embassy Office Parks REIT by offloading a 1.87% stake for INR 691 crore through an open market transaction. The US-based firm's affiliate, APAC Company XXIII, sold over 1.78 crore units at an average price of INR 388 each. This move follows Embassy REIT's recent fundraise of INR 1,550 crore via debentures and bank loans aimed at refinancing debt. The REIT currently operates a 51.1 million sq ft portfolio of commercial office spaces across major Indian cities.
Private investment firm Bain Capital has sold a 1.87% stake in Embassy Office Parks REIT, amounting to more than 1.78 crore units, via an open market transaction. The divestment was carried out by its affiliate, APAC Company XXIII, for approximately INR 691 crore. The average unit price stood at INR 388. Details regarding the identity of the buyers were not disclosed in the exchange filing. Advertisement
Following the sale, Embassy Office Parks REIT units closed 1.95% lower on the BSE, ending the trading session at INR 390.16 per unit. The sale comes shortly after the REIT successfully secured INR 1,550 crore through a combination of non-convertible debentures (NCDs) and term loans. This capital raise was directed at refinancing its existing debt to lower interest costs.
The NCD component of the fundraising amounted to INR 750 crore with a coupon rate of 6.97%, while the remaining INR 800 crore came as a term loan from a reputed bank, priced at a floating rate of 7.40% over a 15-year term. Embassy Office Parks REIT continues to maintain a robust operational presence, managing a 51.1 million sq ft portfolio across cities such as Bengaluru, Mumbai, Pune, Chennai and Delhi-NCR. Out of this, around 40.3 million sq ft comprises completed office space.
The REIT, known for being India's first listed real estate investment trust, has consistently focused on maintaining financial prudence and optimising capital structure to generate stable returns for unitholders.
The refinancing initiative not only strengthens its debt profile but also reaffirms investor confidence in India's commercial office space market. With a large portfolio spanning key metros and a disciplined approach to capital management, Embassy REIT continues to anchor institutional interest in India's evolving REIT landscape.
Source - PTI
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