Embassy REIT Prices ₹2,000 Crore Debt at 7.21%

New Delhi, May 20, 2025: Embassy Office Parks REIT, the country’s first listed REIT and the largest office REIT in Asia by area, announced on Tuesday that it has raised INR 2,000 crore of coupon-bearing debt at an interest rate of 7.21 per cent for a three-year tenor.

The proceeds will be used to refinance certain existing debt and will save c.77 basis points (bps) in interest costs compared to the current rate.

Ritwik Bhattacharjee, CEO, Embassy REIT, said, “We are pleased to announce this INR 2,000 crore fundraise at an attractive rate of 7.21 per cent. This transaction showcases Embassy REIT’s fortress balance sheet and reinforces our standing as the leading credit in India’s commercial real estate sector.”

He added, “We maintain a well-diversified and conservative debt book, and this refinancing positions us well to capitalise on future growth opportunities.”

Transaction highlights

• NCD issuance of INR 2,000 crore of Embassy REIT Series XIII NCDs 2025 with an effective interest rate of 7.21 per cent
• Robust demand from institutional investors with 11 different investors participating
• Given the favourable interest rate environment, the REIT has opted to exercise the call option on its Series IX NCDs of INR 500 crore, carrying a coupon of 8.03 per cent, for early repayment on June 4, 2025, ahead of the original maturity date of September 4, 2025
• Secured annual interest savings of c.77 bps
• CRISIL has assigned “AAA/Stable” rating to the NCDs issued

Talwar Thakore & Associates served as the legal counsel to Embassy REIT.