Shares of Embassy Office Parks REIT were listed at Rs. 312, 4% up from its issue price of Rs. 300 on Monday. The Initial Public Offer of the country’s first real estate investment trust (REIT) was open from 18-20 March was subscribed 2.58 times.
The Embassy Office Parks REIT IPO, backed by global private equity firm Blackstone Group LP and Bengaluru-based developer Embassy Property Developments Pvt Ltd, aimed to raise Rs. 4,750 crore by issuing shares at Rs. 299-300 apiece.
The object of the issue is to make full repayment or pre-payment of the bank and financial institution debt of certain asset SPVs and by the investment entity and for the acquisition of the Embassy One Assets.
REITs provide all investors the chance to own real estate, present the opportunity to access dividend-based income and total returns, and help communities grow, thrive and revitalize.
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