Embassy Office Parks REIT (Embassy REIT) has completed the acquisition of Embassy Splendid TechZone (ESTZ), a Grade A business park in Chennai.

The INR1,1850 million acquisition was funded primarily through a debt raise of INR1,2000 million and internal accruals, said the REIT on 3 June.

This consideration represents a 9.2% discount to the average of two independent valuation reports.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.