Embassy Consolidates Property Maintenance Business
Embassy REIT, India’s first listed real estate investment trust will buy the property maintenance business of Embassy Manyata Business Park in Bengaluru and Embassy Tech Zone in Pune.
Both the properties are part of Embassy REIT’s existing portfolio and the acquisition further integrates 20.3 million sq ft of property maintenance business to the existing 9.9 million sq ft properties already managed by Embassy REIT, the company said in a stock exchange filing.
The acquisition value is around ₹474 crore. “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,” said Michael Holland, CEO of Embassy REIT.