S&R Associates represent Embassy Office Parks REIT in institutional placement

S&R Associates represent Embassy Office Parks REIT in institutional placement

S&R Associates represented the Embassy Office Parks REIT, India's first listed real estate investment trust, and its manager, Embassy Office Parks Management Services, in an institutional placement of 111,335,400 units for an amount of Rs. 36.85 billion to eligible institutional investors. This is the first institutional placement by a listed real estate investment trust in India.

According to the stock exchange announcement in relation to the transaction, "The Institutional Placement launched on December 15, 2020 and witnessed strong demand from both existing as well as new institutional investors, including global and domestic investors, pension funds, insurers, and alternative asset managers."

The stock exchange announcement also added, "Subject to applicable regulations, Embassy REIT proposes to use the proceeds from this Placement to fund its proposed acquisition of Embassy Tech Village ("ETV") that it announced earlier on November 17, 2020, and for general purposes. Embassy REIT is acquiring ETV from the Embassy Sponsor, members of the Blackstone group and other selling shareholders, for a total enterprise valuation of Rs. 97,824 million ($1.3 billion), subject to closing adjustments. The transaction is expected to close by end of December 2020."

The S&R team was led by partners Sandip Bhagat and Juhi Singh, and included associates Pratichi Mishra, Sonal Bhargava and Somya Jena.

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