Embassy REIT makes acquisition decision

Embassy Office Parks, the country’s first listed real estate investment trust, on October 22 announced that the Board of Directors of Embassy Office Parks Management Services, manager to Embassy REIT, at its meeting, approved the acquisition of property maintenance business of Embassy Manyata Business Park in Bengaluru and of Embassy TechZone in Pune from an Embassy Group affiliate.

Embassy Manyata and Embassy TechZone are part of Embassy REIT’s existing asset portfolio and the acquisition further integrates 20.3 MSF of property maintenance business to the existing 9.9 MSF properties already directly managed by Embassy REIT.

Michael Holland, Chief Executive Officer of Embassy REIT, said, “In addition to enhancing our operating income, this transaction fully integrates and aligns property management for all REIT assets and helps further strengthen operational relationships with our occupiers. It will allow us to enhance service delivery, which is particularly important to our occupiers as they finalize ‘Back to Workplace’ strategies.”