Embassy REIT expedites office property construction

Embassy REIT has said that large corporate clients have started soliciting request for proposals (RFPs) for 2023-24 and the company has expedited construction to meet future office space demand.

“This is the opportunity to build the product and keep it ready. We are constructing 57 lakh sq ft in Pune, Bengaluru and Noida with the investment of over Rs 2,000 crore and half of it was started in the middle of lockdown. We expedited the construction sensing opportunity in long term,” Vikaash Khdloya, Deputy CEO and COO of Embassy REIT told ET.

The company is also looking for acquisition of large scale brownfield office parks in Noida, Gurgaon, Hyderabad and Chennai. In Q3FY21, Embassy REIT net operating income was Rs 4,780 million and it distributed Rs 4,313 million or Rs 4.55 per unit to unitholders.

Embassy REIT, listed in April 2019 has a portfolio of eight infrastructure-like office parks and four city centre office buildings in Bengaluru, Mumbai, Pune, and the NCR.