EMBASSY

April 23 (Reuters) - Embassy Office Parks REIT EMBA.NS:

• APPROVED RAISING OF DEBT UP TO 65 BILLION RUPEES

• TO ISSUE COMMERCIAL PAPERS FOR 3.5 BILLION RUPEES FOR TERM OF 316 DAYS

• APPROVES ISSUE OF COMMERCIAL PAPERS FOR 3.25 BILLION RUPEES FOR 326 DAYS TERM

Source text: ID:nBSE4vPjsf

Further company coverage: EMBA.NS

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March 6 (Reuters) - A joint venture between Blackstone Inc BX.N and India's Sattva Group filed a draft prospectus on Thursday for the country's largest real estate investment trust (REIT) initial public offering, aiming to raise up to 62 billion rupees ($712.55 million).

The joint venture, Knowledge Realty Trust, is 55% owned by Blackstone, while Sattva holds a 45% stake, according to the draft prospectus.

India's Sattva Group is a real estate conglomerate headquartered in the south Indian city of Bengaluru and has operations across seven cities in the country, according to its website.

Bank of America, Morgan Stanley amongst others were the bookrunners for the listing.

In December 2023, Blackstone exited its investment of about $833 million in India's first publicly listed REIT Embassy Office Parks EMBA.NS.

($1 = 87.0110 Indian rupees)

(Reporting by Harshita Meenaktshi and Haripriya Suresh; Editing by Vijay Kishore)

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March 3 (Reuters) - Embassy Office Parks REIT EMBA.NS:

• INVESTS 1 BILLION RUPEES IN BENGALURU METRO PROJECT

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NEW DELHI, Feb 2 (Reuters) - The Indian franchisee of U.S. shared office space manager WeWork has filed for an initial public offering in Mumbai, draft papers filed by the company showed.

The offer will consist of the sale of 33 million equity shares by Indian real estate firm Embassy Group EMBA.NS and 10.3 million equity shares by 1 Ariel Way Tenant. It will not issue new shares.

"The company will not receive any proceeds from the offer for sale," WeWork India Management said in the papers filed on Saturday, which did not detail expected pricing or time frame.

WeWork India has an aggregate leaseable area of 602,012 square metres (6.48 million square feet).

Its U.S. franchisor filed for bankruptcy in November 2023, ending a months-long restructuring process involving a strategy revamp and exits from several locations.

Once the most valuable U.S. startup, WeWork expanded at breakneck pace which resulted in significant loss due to expensive leases and a pandemic-driven slump in demand.

WeWork India is controlled by real estate tycoon Jitu Virwani and son Karan Virwani who own Bengaluru-based developer Embassy Group. Karan Virwani is CEO of WeWork India.

(Reporting by Sarita Chaganti Singh; Editing by Christopher Cushing)

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Jan 24 (Reuters) - Embassy Office Parks REIT EMBA.NS:

• EQUINOX INDIA AND EMBASSY GROUP ANNOUNCES SUCCESSFUL COMPLETION OF MERGER

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Further company coverage: EMBA.NS

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Jan 9 (Reuters) - Embassy Office Parks REIT EMBA.NS:

• EMBASSY OFFICE PARKS REIT - LEASES 207,000 SQ FT TO RUBRIK IN BENGALURU

Source text: ID:nNSE3Gkwlh

Further company coverage: EMBA.NS

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Dec 17 (Reuters) - Embassy Office Parks REIT EMBA.NS:

• EMBASSY OFFICE PARKS REIT - RAISED 10 BILLION RUPEES OF DEBT AT INTEREST RATE OF 7.73%

• EMBASSY OFFICE PARKS REIT - WILL UTILIZE PROCEEDS FROM DEBT RAISE TO REPAY CERTAIN EXISTING DEBT

Source text: ID:nBSE3rnRpz

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MUMBAI, Dec 13 (Reuters) - India's Embassy Office Parks REIT EMBA.NS has accepted bids worth 7.78 billion rupees ($91.7 million) for bonds maturing in five years, three bankers said on Friday.

The company will pay a coupon of 7.73% on this issue and had invited bids from bankers and investors earlier in the day, they said.

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Dec. 13:

* Size includes base plus greenshoe for some issues

($1 = 84.8390 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

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Dec 11 (Reuters) - Embassy Office Parks REIT EMBA.NS:

• APPROVED ISSUANCE OF NCDS AGGREGATING 10 BILLION RUPEES

Source text: ID:nNSE6Vw8FQ

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Nov 7 (Reuters) - Embassy Office Parks EMBA.NS, India's largest real estate investment trust (REIT), on Thursday named Ritwik Bhattacharjee as interim CEO with immediate effect, days after the country's markets regulator directed to suspend its former chief.

On Tuesday, the trust announced that its then CEO Aravind Maiya would step down, following the Securities and Exchange Board of India's (SEBI) decision that he was unfit for the role.

The regulator had also asked Embassy to appoint an interim CEO.

SEBI's action followed a National Financial Reporting Authority (NFRA) order in August, which investigated the statutory auditors of Coffee Day Enterprises, where Maiya was an engagement partner, for alleged financial irregularities at the company in 2018-19.

The NFRA, a quasi-regulator overseeing the conduct of auditors, said it found serious lapses on the part of the auditor, Maiya and others.

Bhattacharjee has been associated with the REIT since its listing, and last held the position of Chief Investment Officer at Embassy. Before joining the REIT, he spent over 12 years as an investment banker at firms such as Nomura, Citi, UBS and JPMorgan.

Embassy REIT is India's first publicly listed REIT and owns and operates a 51.1-million-square-foot portfolio.

(Reporting by Nishit Navin in Bengaluru; Editing by Vijay Kishore)

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** Shares of Embassy Office Parks REIT EMBA.NS fall as much as 2.8% to 392 rupees

** The real estate investment trust said on Tuesday Aravind Maiya will be stepping down as CEO of Embassy REIT, effective immediately, after SEBI's interim order

** SEBI said on Monday that Maiya was not fit to hold the position

** Stock on track to snap three consecutive sessions of gains, if trend holds

** Avg rating of 14 analysts equivalent of "buy", median PT is 420 rupees - LSEG data

** Stock rose 1.4% in Oct, its fifth straight monthly gain

** Stock last down 1.3%, cutting YTD gains to 22.4%

(Reporting by Ashish Chandra in Bengaluru)

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Oct 8 (Reuters) - Embassy Office Parks REIT EMBA.NS:

• EMBASSY OFFICE PARKS REIT - RAISES 20 BILLION RUPEES DEBT AT 7.95%

• EMBASSY OFFICE PARKS REIT - RAISES DEBT TO REFINANCE UPCOMING NCDS MATURITY

Further company coverage: EMBA.NS

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MUMBAI, Sept 26 (Reuters) - India's Embassy Office Parks REIT EMBA.NS accepted bids worth 9 billion rupees ($107.64 million) for bonds maturing in three years, three bankers said on Thursday.

The company will pay a coupon of 7.96% and this would be payable on a quarterly basis. It had invited bids from bankers and investors on Wednesday, they said.

Here is the list of deals reported so far on Sept. 26:

* Size includes base plus greenshoe for some issues

($1 = 83.6140 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)

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MUMBAI, Sept 25 (Reuters) - India's Embassy Office Parks REIT EMBA.NS plans to raise 9 billion rupees ($107.68 million) through sale of bonds maturing in three years, three bankers said on Wednesday.

The company has invited bids from bankers and investors later in the day, they added.


Here is the list of deals reported so far on Sept. 25:

* Size includes base plus greenshoe for some issues

($1 = 83.5840 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)

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July 25 (Reuters) - Embassy Office Parks REIT EMBA.NS:

• APPROVED DEBT FINANCING ARRANGEMENT BETWEEN CO, GOLFLINKS SOFTWARE

• DEBT FINANCING ARRANGEMENT FOR 1.8 BILLION RUPEES

• APPROVED RAISING OF DEBT UP TO 20 BILLION RUPEES

• JUNE-QUARTER CONSOL PROFIT 1.79 BILLION RUPEES

• JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 9.34 BILLION RUPEES

• DECLARED DISTRIBUTION OF 5.6 RUPEES PER UNIT

Source text for Eikon: ID:nBSE1flyDh

Further company coverage: EMBA.NS

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April 25 (Reuters) - Embassy Office Parks REIT EMBA.NS:

• DECLARED DISTRIBUTIONS OF 4.95 BILLION RUPEES / 5.22 RUPEES PER UNIT

• EMBASSY OFFICE PARKS REIT MARCH-QUARTER CONSOL PROFIT 2.83 BILLION RUPEES VERSUS PROFIT 354.5 MILLION RUPEES

• EMBASSY OFFICE PARKS REIT MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 9.46 BILLION RUPEES VERSUS 8.68 BILLION RUPEES

Source text for Eikon: ID:nBSE1XqPrM

Further company coverage: EMBA.NS

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Corrects in third paragraph to reflect China exposure of Blackstone’s Asia-focused private equity funds. The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, April 8 (Reuters Breakingviews) - Blackstone’s BX.N nearly two-decade-long punt on India is paying off in two ways. The U.S. buyout firm is preparing to float more businesses in the country’s buoyant capital markets, including an Antwerp-based diamond certification firm at up to 6 times the value it paid for it last year, according to Reuters. Its strategy to go heavy on the South Asian country once looked lucrative but quirky. Now others are rushing to emulate it.

Private equity firms around the world are sitting on $3 trillion of unsold, ageing investments and a freeze in initial public offerings makes it hard to return money to investors. These problems are particularly pronounced in Asia, where many regional funds including PAG and Carlyle CG.O put a big focus on China – a market U.S. investors are now cutting allocations to at steep discounts.

Blackstone has a partial shield against that problem. It has a single digit percentage of its Asia-focused private equity funds deployed in the People’s Republic. It’s less exposed to the pullback of capital from the world’s second largest economy and to Beijing’s attempt to prop up its battered stocks, including by blocking big IPOs like Syngenta.

By contrast, India is Blackstone’s third biggest market globally by equity investments after the U.S. and UK. Its Asia head of private equity, Amit Dixit, is based in Mumbai, and he’s doubling down where the firm has generated its best private equity returns globally.

What’s more, it looks easier than ever to exit investments in the country. Some $7.4 billion was raised through primary issues in India in the year to March, 19% higher than in the previous 12-month period, according to Prime Database. Recent Blackstone exits include Embassy Office Parks REIT EMBA.NS and automotive component maker Sona BLW Precision SONB.NS.

Overall exits in the country by private equity and venture capital investors in 2023 hit a record volume of 303 and were valued at $24.8 billion, half via open-market deals, according to EY and the Indian Private Equity & Venture Capital Association. Next up, Blackstone is looking to sell shares worth $950 million in the International Gemological Institute, which has most of its business in India, and mortgage financier Aadhar Housing Finance.

Asian funds trying to raise capital are busy assuring investors that they won’t deploy more than 20% of the pot into China. They are also trying to convince investors that they can spend money in alternative markets as effectively as firms like Blackstone that ramped up much earlier. India’s market isn’t perfect, but at least it is open for business.

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CONTEXT NEWS

Blackstone is exploring raising $300 million via an initial public offering in India of the International Gemological Institute (IGI), less than a year after it acquired the company, Reuters reported on April 2, citing three unnamed people familiar with the matter. The company is targeting a valuation of up to $3.5 billion, according to two of the sources.

The U.S. private equity giant is also targeting an up to $650 million IPO for Indian home loans provider Aadhar Housing Finance at a valuation of up to $3 billion, Reuters reported on Jan. 30, citing two unnamed sources with direct knowledge.

(Editing by Una Galani and Katrina Hamlin)

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NEW DELHI, April 6 (Reuters) - India's largest real estate investment trust, Embassy Office Parks EMBA.NS, said on Saturday it will raise 25 billion Indian rupees ($300 million) to fund its acquisition of an integrated office park and repay debt.

Embassy, which manages over 45 million square feet (4.18 million square metres) of office parks, has clients including Google GOOGL.O, Cisco CSCO.O and IBM IBM.N, which are bolstering their presence in India.

Embassy, Asia's biggest office REIT, said the funds raised from investors would be used to finance the acquisition of an integrated office park in the southern state of Chennai for 12.69 billion rupees and reduce existing portfolio leverage to 27% from 30%.

The announcement confirms a Reuters story that said the company plans to raise up to $400 million from investors.

Commercial real estate is booming in India, with large local and global companies hiring in record numbers after the COVID-19 pandemic. In 2023, companies in India leased 61.6 million square feet of office space, and the year's last quarter saw record quarterly leasing, consultancy firm CBRE said.

That's in contrast with markets such as the U.S., UK and Australia, where office occupancies have slumped with people working from home. Although companies in India too have "hybrid" working models, many still need more office space to fit new hires and for back offices, which employ thousands.

($1 = 83.2930 Indian rupees)

(Reporting by Aftab Ahmed and M. Sriram; editing by David Evans)

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Embassy Office Parks REIT EMBA.NS:

• EMBASSY OFFICE PARKS REIT- TO CONSIDER AND APPROVE RAISING OF FUNDS

Source text for Eikon: ID:nBSE2h884M

Further company coverage: EMBA.NS

** Shares of Embassy Office Parks REIT EMBA.NS up 2% at 373.99 rupees

** Real estate investment trust plans to raise $400 mln by June, Reuters reported on Tuesday citing sources

** Stock was up ~1.5% ahead of the report

** Still, volumes remain thin at 0.1x the 30-day avg

** Fifteen analysts rate EMBA "buy" on avg - LSEG data

** Stock fell 1.1% in March, its first monthly decline since Sept. 2023

** YTD, however, stock is up over 15% so far after four straight yearly drops

(Reporting by Varun Vyas in Bengaluru)

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MUMBAI, Jan 8 (Reuters) - India's Embassy Office Parks REIT EMBA.NS has accepted bids worth 10 billion rupees ($120.31 million) for bonds maturing in one year and eight months, three bankers said on Monday.

The company will pay a coupon of 8.17% on the issue, for which it had invited bids earlier in the day. In August, it raised five billion rupees through two-year bonds at 8.03% coupon.

Here is the list of deals reported so far on Jan. 8:

*Size includes base plus greenshoe for some issues

($1 = 83.1180 Indian rupees)

(Reporting by Bhakti Tambe; Editing by Sohini Goswami)

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MUMBAI, Jan 5 (Reuters) - India's Embassy Office Parks REIT EMBA.NS plans to raise 10 billion rupees ($120.11 million) selling bonds maturing in one year and eight months, three bankers said on Friday.

The company will pay a coupon of 8.17% on this issue, for which it has invited bids on Monday. In August, it raised five billion rupees through two-year bonds at 8.03% coupon.

Here is the list of deals reported so far on Jan. 5:

*Size includes base plus greenshoe for some issues

($1 = 83.2600 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Dhanya Ann Thoppil)

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Jan 3 (Reuters) - Embassy Office Parks REIT EMBA.NS:

• APPROVED ISSUE OF DEBT UP TO AGGREGATE AMOUNT OF 20 BILLION RUPEES

Further company coverage: EMBA.NS

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** Private equity firm Blackstone Group's exit from Embassy Office Parks REIT EMBA.NS increases EMBA's free float to 92% from 69%, boosting overall stock trading volume, Morgan Stanley says

** Blackstone sold its 23.59% stake in EMBA via secondary market on Wednesday

** The new Special Economic Zone (SEZ) rule is expected to have a positive impact on EMBA's occupancy and contribute to better-than-expected growth in Net Operating Income (NOI) and Distribution per Unit (DPU)- brokerage

** Maintains "Overweight," with TP of 370 rupees

** EMBA's stock performance lagged behind peers and broader market index after Blackstone sold its stake in Mindspace REIT in January 2022 - brokerage

** EMBA down 3.6% YTD

(Reporting by Navamya Ganesh Acharya)

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** Private Equity firm Blackstone Group's exit from Embassy Office Parks REIT EMBA.NS will likely end selling pressure in stock, Kotak Institutional Equities said

** Blackstone sold its 23.59% stake in EMBA via secondary market on Wednesday

** Blackstone had been reducing its stake in Embassy REIT since time of the listing at regular intervals, at discounts to the market price - brokerage

** Stake sale likely brings an end to such liquidity events in the medium term and brings back focus to the business fundamentals - Kotak

** Adds business fundamentals have been improving, recent amendment of floor-by-floor de-notification of SEZ spaces will likely help Embassy REIT lease out

** Keeps "add," revises fair value to 360 rupees per unit from 345 rupees

** EMBA down 1.1% at 328.7 rupees; 2% lower YTD

(Reporting by Sethuraman NR in Bengaluru)

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** Shares of India's largest real estate investment trust Embassy Office Parks EMBA.NS drops 4.7% to 320 rupees

** Decline after term sheet seen by Reuters shows Blackstone BX.N will sell its entire 23.59% stake worth $833 million in EMBA via block deals in the secondary market

** More than 3.6 mln shares traded, 5.3x the 30-day avg volume

** EMBA last down 2.6%, taking YTD losses to ~3%

(Reporting by Rama Venkat)

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By M. Sriram

Dec 19 (Reuters) - Blackstone Inc. BX.N will sell its entire 23.59% stake valued at $833 million in India's largest real estate investment trust Embassy Office Parks EMBA.NS, four years after it was first listed, according to a term sheet seen by Reuters and a person with direct knowledge.

Blackstone will sell 223.6 million units of Embassy REITs, in one of the biggest block deals this year, at a 7.7% discount to 335.75 rupees per unit price as of Dec. 19, according to the term sheet. The units will be sold via block deals in the secondary market.

The deal marks Blackstone's exit from India's first ever listed REIT. The U.S. based investment manager has been trimming its interest over time in Indian REITs. In 2022, it sold its entire stake in India's Mindspace Business Parks REIT MINS.NS for $235 million.

Blackstone has been reducing its stake in Embassy REIT progressively over the years. In September 2022, Blackstone sold $400 million in the REIT to investors including the Abu Dhabi Investment Authority.

Embassy Office Parks was India's first REIT to list in 2019. It owns and operates more than 45.3 million square feet of office parks and office buildings in cities such as Bengaluru and Mumbai and is also the largest office REIT in Asia by area.

A spokesperson for Blackstone, and Bengaluru-based Embassy did not immediately respond to emails from Reuters seeking comment. Investment bankers to the deal Kotak Securities and IIFL Securities did not respond to request for comment.

(Writing by Dhwani Pandya; editing by David Evans)

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By Hritam Mukherjee and Anisha Ajith

BENGALURU, Dec 14 (Reuters) - India's largest real estate investment trust (REIT) Embassy Office Parks EMBA.NS expects the government's easing of regulation for special economic zones (SEZ) to boost its finances from the fiscal year starting April 2024.

Last week, India allowed developers to strip vacant floors in SEZs off the status and lease them to non-SEZ entities. SEZs, set up in 2005, were aimed at incentivising export-oriented companies but lost their allure to new entrants after tax holiday ended in 2020.

While the proportion of revenue Embassy generates from its SEZ properties was not immediately clear from its earnings reports, analysts at brokerage Investec said last week that Embassy has about 55%-60% of its portfolio in SEZs.

"We expect benefits to start showing on our financials from the first half of FY25," Embassy Office Parks CEO Aravind Maiya told Reuters on Tuesday.

"Once we get more clarity on the process and timeline involved in the floor-wise demarcation of vacant SEZ spaces, which is expected in the coming few weeks, we can start leasing out from around March next year."

Embassy, which has business parks at SEZs in Bengaluru and Noida, saw its consolidated profit fall 46% to 236.8 million rupees ($2.84 million) in the September quarter, while its revenue grew about 4%.

The office landlord has seen its SEZ occupancy levels decline from 94% at 2019-end to 80% by September this year.

Meanwhile, the share of leasing for SEZ spaces in overall office leasing has dropped from 22% in 2019 to 7% between January and September this year, data from real estate consultancy Colliers showed.

Analysts expect the recent easing of SEZ rules to benefit commercial realty players who own properties in SEZs.

Embassy's peers Brookfield India Real Estate Trust REIT BROF.NS, Mindspace Business Parks REIT MINS.NS and DLF DLF.NS, who will also potentially benefit from the change in regulation, did not reply to Reuters' requests for comments.

($1 = 83.3238 Indian rupees)

(Reporting by Hritam Mukherjee and Anisha Ajith in Bengaluru; Editing by Varun H K and Mrigank Dhaniwala)

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** Shares of Brookfield India Real Estate Trust REIT BROF.NS, Embassy Office Parks REIT EMBA.NS rise as much as 2.90% and 1.7%, respectively

** Morgan Stanley expects the two real estate investors to benefit from government's decision to permit Special Economic Zones (SEZ) to partially lease their space, through the Special Economic Zones (Fifth Amendment) Rules, 2023, announced on Dec. 7

** Morgan Stanley estimates 80% chance of BROF, EMBA rising more than the benchmark Nifty 50 index over the next 60 days

** Brokerage has "overweight" rating on both BROF and EMBA

** New rules likely to lead to increase in occupancy within SEZ parks, and will be beneficial for commercial real estate developers, investors, says JM Financial

(Reporting by Bharath Rajeswaran in Bengaluru)

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Oct 26 (Reuters) - Embassy Office Parks REIT EMBA.NS:

• SEPT-QUARTER CONSOL PROFIT 236.8 MILLION RUPEES VERSUS PROFIT 436.4 MILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 8.89 BILLION RUPEES VERSUS 8.57 BILLION RUPEES

Source text for Eikon: ID:nBSE95jFcL

Further company coverage: EMBA.NS

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