Embassy Group to sell certain portion of its shareholding in Embassy REIT to Bain Capital

NEW DELHI: Embassy Property Developments (Embassy Group) has entered into a strategic
sale of a certain portion of its shareholding in Embassy Office Parks REIT (Embassy REIT)
to Bain Capital, the company said in a media release.
With the paydown of this debt, it provides for a stronger balance sheet at Embassy Group with
the goal to reduce overall debt by approximately 30 per cent before June 30, 2023, it said.
Embassy Group said that it does not have any future plans to sell further ownership in the REIT.

With 4.4 million sq ft year-to-date leasing and an accelerated 6.6 million sq ft development
growth, Embassy REIT said that it is on track to achieve FY23 guidance. It has also had sales in
excess of Rs 1,100 crore in this fiscal year to help towards debt repayment.