Embassy REIT to Invest in 6 Million Sq Ft Commercial Space
Vikaash Khdloya, Embassy REIT deputy chief executive officer and chief operating officer, said the company will be investing ₹2,300 crore over the next three years to develop 5.7 million sq ft of commercial space. He said the company would also be looking at inorganic growth opportunities in cities like Bengaluru, Pune and Hyderabad.
Embassy REIT is India’s first publicly listed Real Estate Investment Trust. It owns and operates a 42.4 million square feet portfolio of eight infrastructure-like office parks and four city-centre office buildings in India’s best-performing office markets of Bengaluru, Mumbai, Pune, and the National Capital Region. The portfolio comprises 32.3 million square feet completed operating area and is home to over 200 of the world’s leading companies.
“As India’s outlook steadily improves with a continued downward trend in active COVID-19 cases and the encouraging progress on vaccine roll-out, we remain optimistic that Indian office leasing demand will continue to increase as occupiers accelerate their return-to-work programs,” said Michael Holland, chief executive officer of Embassy REIT.