Embassy Office Parks Real Estate Investment Trust (REIT), India’s first listed investment fund that claims to be Asia’s largest REIT by region, announced results for the quarter today and said its net operating income rose by 30 per cent to Rs 624 crore. .

In regulatory filings to stock exchanges, Embassy REIT said, from its net income, it will distribute ₹537 crore or INR 5.66 per unit in the second quarter of the 22t fiscal year. The company also said it has raised Rs 4,600 crore at 6.5 per cent.

Investor base tripled

Michael Holland, CEO of Embassy Rite, said in a statement: “We are pleased to report another strong quarter of continued strong business performance. We delivered the strongest rental activity since the start of the pandemic; we successfully completed a significant debt increase of Rs 4,600 crore at an average rate of Rs. 6.5% interest We have reaffirmed our full year guidance as we see multiple tailwinds for our business – India stable Covid situation; revival of office rental market, particularly in our core Bangalore market; and expansion of occupiers’ business driven by massive global technology trends These positive trends are clear To expand our investor base which has tripled in the past 12 months.”

Embassy REIT said it achieved stable portfolio occupancy of 89 percent with rent increases of 15 percent on 1.4 million square feet across 22 leases. She said construction work was in full swing on the 5.7 MSF Project.

See also: Embassy REIT raises ₹4,600 crore new debt to pay off existing loans

The debt of Rs 4,600 crore raised at 6.5 per cent was to refinance the existing zero-coupon bond, providing significant savings in interest. The company also said it collected more than 99 percent of office rents on its 32.3mSF operating portfolio

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