Embassy Office Parks REIT has leased 1.8 million sq ft across 25 deals, including a 5.50 lakh sq ft pre-commitment from JP Morgan at Embassy TechVillage in the June quarter.
The REIT has added 15 new high-growth occupiers in sectors like cloud, cybersecurity, renewables, and healthcare technology and has also increased its customer base to 214 blue-chip occupiers.
It has achieved 16% positive leasing spreads on 1.3 million sq ft and 15% rent escalations on 1.9 million sq ft.
“We are witnessing expansion across tech occupiers and global captives in India, with Bangalore continuing to lead India’s office demand revival. We continue to invest for growth and the 5.5 lakh sft pre-commitment at Embassy TechVillage underscores our strategy of accelerating development of our 4.6 msf ongoing projects,” said Vikaash Khdloya, Chief Executive Officer of Embassy REIT.
During the quarter, the REIT grew net operating income by 9% from a year ago to Rs 6,773 million, with an operating margin of 82%. It has also maintained a robust balance sheet with low leverage of 27% after locking in an additional 19% debt at a fixed interest rate for FY2023.
Embassy REIT plans to invest Rs 2700 crore over the next 3 years to develop 4.6 million sq ft of ongoi
