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Nirmal Bang Report
As per disclosures made by the company, Embassy Office Parks REIT has approved acquisition of Embassy Tech Village (ETV) for a total enterprise of Rs 97,824 million (subject to adjustments in relation to net debt, working capital and other adjustments as agreed among the parties).
The company has exercised its right under the right of first offer agreement to acquire the asset.
ETV spans over 84 acres and derives 88% of its rents from multinational occupiers. ETV is 97.3% occupied and has a 9.7 year weighted average lease expiry with a 33.7% mark-to-market potential.
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