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Embassy Property Developments could raise Rs 6,500 crore from the sale of office space to Embassy Office Parks Reit

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The space is in Bengaluru’s Embassy TechVillageproject.

Embassy Property Developments could raise as much as Rs 6,500 crore from the sale of office space to Embassy Office Parks Reit, its real estate investment trust joint venture with Blackstone, said people aware of the matter. The space is in Bengaluru’s Embassy TechVillageproject.

“We have received the offer from the Embassy sponsor and have some time to decide on it,” Embassy Office Parks Reit CEO Michael Holland told ET. “However, I cannot comment on the valuation.”

If the deal takes place, it will be one of the biggest in the space. The Reit may have to raise the amount either through equity or debt or both if it decides to go ahead with the proposed offer, company executives said. The Reit has about 45 days to accept the offer and sign a nonbinding agreement.

Bengaluru-based real estate firm Embassy Property Developments and Blackstone Group LP are the main sponsors of the Reit, which was launched earlier this year.

“The manager will evaluate the opportunity including, pursuant to the terms of the Rofo (right of first offer) deed, applicable laws and any approvals and consents as may be required,” Embassy Office Parks Reit said in its results announcement. “There can be no assurance that the Embassy Reit will enter into any definitive arrangements for the proposed acquisition.”

Source: ET

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