India's first listed REIT, Embassy Office Parks REIT, announced its acquisition of a 3 lakh sq ft office property for Rs 852 crore which is located in Embassy GolfLinks Business Park, Bengaluru.

The company said that this premium Grade-A asset was fully leased to a leading global investment firm, resulting in bolstering Embassy REIT that continues to see growing leasing demand and rental values.

• Embassy REIT has a portfolio of owning and operating 14 office parks in major cities such as Bengaluru, Mumbai, Pune, Delhi-NCR and Chennai.
• The company owns and manages a portfolio of 50.8 million sq ft, with 40.9 million sq ft comprising finished and operational area, and is considered home to 274 of the world's leading companies.
• Due to Embassy REIT's impressive portfolio, it continues to be one of the key contributors for the premium commercial assets in India.

Amit Shetty, the CEO of Embassy REIT, said that Embassy GolfLinks in Bengaluru, which is considered as India's leading office capital, is home to some of the world's prominent technology companies. The third-party acquisition underscores Embassy REIT's potential to scale further by investing in premium assets across India's key office markets.

The acquisition will move forward once the customary conditions precedent and required pre-closing steps are fulfilled. The company said it engaged PwC for financial and tax scrutiny, relied on Trilegal for reviewing title records, and appointed S&R Associates to advise Embassy REIT legally.

Embassy REIT is India's first publicly listed REIT and as per the reports, India's REIT market has the possibility to reach Rs 19.7 trillion by 2030 because of the growing demand for luxury commercial spaces and GCCs. The acquired property located in Embassy GolfLinks Business Park in Bengaluru is one of the most luxurious business parks as it boasts strong and well-developed infrastructure.

Because of this premium transaction, Embassy REIT has further expanded its footprint as the area is seeing a strong occupier interest and growing rental potential. Due to the growing transactions in the commercial real estate market and the listed REITs, India is witnessing an increase in investor interests.