Data from Embassy REIT’s latest disclosure is in the India REITs table

Embassy Office Parks REIT (Embassy REIT) disclosed on 2 February that its operating revenue for 3Q FY2024 came in at INR9360 million.

This represents a growth of 8% from the corresponding period of the previous financial year.

The revenue growth has come on the back of strong leasing numbers for the quarter.

Embassy REIT recorded 3.5 million square feet of leases across 22 deals during the period.

These include 1.1 million square feet of new leases and 2.2 million square feet of leases with leading multinational corporations.

Most of the leases were signed with global captive centres (GCCs) in retail and tech sectors, said the REIT.

“As our 2.2 msf of pre-leasing to three renowned global companies demonstrates, India continues to be a thriving business hub for GCCs”, said CEO of the REIT, Aravind Maiya.

“As more and more multinationals set up their centres in India, their need for premium
office spaces to house their talent will grow exponentially in the coming years”, he added.

The REIT has declared a distribution of INR5.2 per unit for the period.

Embassy REIT was last done on the BSE at INR368.27, which presently implies a distribution yield of 5.65% according to data on the India REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.