APAC Company to sell 1.9% stake in Embassy REIT via block deals

APAC Company XXIII Ltd is likely to offload 1.9% equity in Embassy Office Parks REIT through block deals, sources privy to the developments told CNBC-TV18. The total deal size is expected to be around ₹681 crore, sources in the know told CNBC-TV18.The floor price for the block deal has been set at ₹382 per unit, representing a 4% discount to the current market price, sources close to the development said.

Fourth Quarter Results
Embassy Office Parks REIT reported a 17% increase in its net operating income to ₹892.3 crore and declared a distribution of ₹538.4 crore to unitholders for the quarter ended March. Its net operating income (NOI) stood at ₹765.6 crore in the year-ago period.Also Read: Embassy REIT on track to meet FY25 targets, led by global capability centre demandThe NOI for the 2024-25 fiscal rose 10% to ₹3,283.5 crore from ₹2,981.9 crore in the preceding year. The distributions for the 2024-25 amount to Rs 2,181.1 crore or ₹23.01 per unit.

“In FY25, we leased 6.6 million square feet, delivered 2.5 million square feet of new development and acquired a 5 million square feet of high-quality asset,” Ritwik Bhattacharjee, Chief Executive Officer of Embassy REIT, said. He said the company increased distributions by 8% this fiscal and has given guidance of double-digit distribution growth in 2025-26.

Embassy Office Parks REIT is India’s first publicly listed Real Estate Investment Trust (REIT). The company owns and operates a 51.1 million square feet portfolio of 14 office parks in Bengaluru, Mumbai, Pune, the National Capital Region (NCR) and Chennai. Its portfolio comprises 40.3 million square feet of completed operating area and is home to 272 leading companies globally.

Also Read: India’s Embassy REIT chief steps down on market regulator’s order

Shares of Embassy Office Parks REIT ended at ₹399.00, up by ₹2.10, or 0.53%, on the BSE