To expand its portfolio, Aravind Maiya, Chief Executive Officer of Embassy REIT, said the company is constructing 6.1 million (61 lakh) square feet of premium office space in Bengaluru to cater to rising demand from global capability centres (GCCs) and also domestic players.
Embassy Office Parks REIT: To expand its portfolio, Embassy REIT is constructing 6.1 million (61 lakh) square feet of premium office space in Bengaluru to cater to rising demand from global capability centres (GCCs) and also domestic players.
Embassy Office Parks REIT leased 8.1 msf of office space in FY24, surpassing guidance by 35%, with GCCs driving over 65% of leasing. Occupancy reached 85%, with Bengaluru at 91% and Mumbai at 99%. Proposed FY25 leasing guidance is 5.4 msf. Revenue and net operating income grew 8% YoY.