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Embassy REIT, India’s first listed REIT and the largest office REIT in Asia by area, announced today that it has agreed to acquire Embassy Business Hub, a 1.4 million square feet (‘msf’) office property in Bangalore, for a total enterprise value of Rs. 3,348 million ($41 million). Embassy REIT plans to primarily fund the acquisition through debt at 8.1% interest cost per annum, for which it has secured binding commitments from leading financial institutions.
Capital markets regulator approves Acorn hostel Reits
Friday December 11 2020
By CHARLES MWANIKI
Summary
Acorn had disclosed in a roadshow presentation to potential investors in September that the D-Reit is expected to be worth Sh4 billion while the I-Reit’s size is estimated at Sh4.1 billion in the initial fundraising.
The Capital Markets Authority (CMA) has approved the issuance of a development and investment real estate investment trust (Reit) by student hostel developer Acorn, setting the stage for accelerated development in the city.
The Reit approval follows the issuance of a Reit Manager licence to Acorn last month, with the firm also having issued the first country’s first green bond in October 2019.