BENGALURU :
Embassy Workplace Parks REIT has upped its steerage for leasing within the present monetary yr from 400,000 sq ft to 1 million sq ft, on the again of sustained demand from occupiers throughout sectors.
The corporate expects to clock round 1.7 million sq ft of gross leasing, which incorporates lease renewals by present tenants in 2021-22. Within the December quarter, the corporate leased 428,000 sq ft of workplace area, of which 340,000 sq ft was new leasing.
Within the first 9 months of FY22, it has leased about 700,000 sq ft.
Embassy REIT stated it has acquired the fitting of first provide (ROFO) discover for the potential acquisition of the 29-acre ‘Embassy Splendid TechZone’, a enterprise park in Chennai from the Embassy Sponsor. The property has about 5 million sq ft of improvement potential, of which 1.4 million sq ft has been constructed and leased.
In the same transaction, Embassy REIT in 2020 had acquired Embassy Tech Village in Bengaluru from the Embassy Sponsor, members of the Blackstone Group and different promoting shareholders for an enterprise worth of $1.3 billion.
Embassy REIT is India’s first public listed actual property funding belief.
“We really feel we’re previous the underside of covid influence. Now we have a robust leasing pipeline of 300,000-400,000 sq ft. The constructive leasing momentum offers us the boldness to extend our steerage for the total yr FY2022 as we glance past the exterior challenges of the previous two years. There could also be some delay in signing leases however we don’t assume the basics of India’s workplace market are broken,” Michael Holland, CEO, Embassy REIT stated in an interview.
The agency stated it has delivered 1.1 million sq ft JP Morgan campus at Embassy Tech Village and kick-started the following progress cycle with 1.9 million sq ft of latest improvement.
Embassy REIT on Friday reported a 30% soar in web working earnings to ₹621.3 crore for the December quarter and introduced distribution of ₹493 crore to its unit holders.
Supply: Live Mint