Embassy Office Parks REIT mentioned it had raised a time period mortgage of ₹1,000 crore from Bajaj Housing Finance Ltd., the proceeds of which might be used to repay current building debt and for basic company functions. The mortgage tenor is 12 years.
“With this refinance, Embassy REIT achieves interest savings through a 60 basis points (bps) positive refinancing spread, and the long tenor loan helps extend its debt maturity profile,” Embassy REIT mentioned in a press release.
Vikaash Khdloya, CEO, Embassy REIT, mentioned, “With this refinance, our entire debt book is at fixed rates for an average of 18 months, demonstrating our active capital management to the benefit of our unitholders. Embassy REIT continues to be well-positioned to finance its growth, given its access to an expanding capital pool that includes banks, mutual funds, insurers, FPIs and now NBFCs.”
