Published on 19/03/2019 1:42:27 PM | Source: Ventura Securities Ltd

Ipo Update - Embassy Office Parks REIT By Ventura Securities

Posted in IPO Reports| #Ventura Securities Ltd #IPO

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he Embassy Office Parks REIT was established on March 30, 2017 at Bengaluru, Karnataka, India as an irrevocable trust under the provisions of the Indian Trusts Act, 1882 pursuant to a trust deed dated March 30, 2017 as amended on September 11, 2018.

The Embassy REIT was registered with SEBI on August 3, 2017 as a real estate investment trust under Regulation 3(1) of the REIT Regulations having registration number IN/REIT/17-18/0001. Embassy Office Parks Management Services Private Limited (EOPMSPL) has been appointed as the Manager to the Embassy REIT.

EOPMSPL is held by the Embassy Sponsor and certain entities forming part of the Blackstone Sponsor Group. Axis Trustee Services Limited has been appointed as the Trustee to the Embassy REIT.


Over the last three fiscal years, the trust has achieved the following:

* Leased 5.3 msf of total office space and achieved average releasing spreads of 47.4% on approximately 1.9 msf of re-leased space;

* Achieved an 86.3% tenant retention rate, with 6.8 msf of office space renewed (including exercise of renewal options), without incurring material tenant improvement capital expenditure (“TI capex”);

* Demonstrated a 7.1% Same-Store Rental CAGR across the Portfolio Assets and the Portfolio Investment, over FY2016 to FY2018, by attracting and retaining high quality tenants;

* Grown its Portfolio by 2.6 msf through strategic acquisitions and the continued build out of its office parks;

* Achieved a Committed Occupancy of 95.0% as of March 31, 2018 and maintained Occupancy at greater than 93.4% at the end of the last three fiscal years; and

* Undertaken extensive renovation programs, including successful upgrades of 28 office lobbies and 7 food courts.


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