Embassy REIT Raises ₹1,550 Cr Debt, Including ₹750 Cr of NCDs priced at 6.97%

New Delhi, June 30, 2025: Embassy Office Parks REIT, India’s first listed REIT and the largest office REIT in Asia by area, has raised INR 1,550 crore through a combination of non-convertible debentures (NCDs) and term loan facilities. The proceeds will be used to refinance certain existing debt, resulting in annual interest savings of approximately 113 basis points (bps).
 
The fund raise comprises INR 750 crore via Embassy REIT Series XIV NCDs, priced at a coupon of 6.97 per cent, and INR 800 crore term loan from a leading bank priced at a floating interest rate of 7.40 per cent over a 15-year tenor.

The NCDs, which received robust demand from institutional investors, especially mutual funds, were priced six bps lower than the offered rate due to strong market appetite.

Ritwik Bhattacharjee, CEO, Embassy REIT, said, “We are pleased to announce the successful closure of this INR 1,550 crores fund raise, which saw strong participation from both mutual funds and leading banks. The INR 750 crore NCD issuance at a 6.97 per cent coupon marks the lowest rate we have achieved in the past four years, and reaffirms our position as a top-tier credit in India’s commercial real estate sector. This refinancing continues to support our strategy of optimally managing our balance sheet and positions us well to finance our future growth initiatives.”