New Delhi, Oct. 7 -- Real-estate investment trust Embassy Office Parks REIT, India's first publicly listed REIT, has received board approval for acquisition of 8,048 square feet of leasable retail area at First International Finance Center (FIFC), Mumbai, further consolidating its ownership at one of its flagship assets, the company said in a statement.
The acquired space is fully leased to food and beverage (F&B) brands. The press statement did not reveal the financial details of the deal but a separate disclosure shows that the market value of the property that is being acquired is Rs 54.5 crore (around $5.6 million).
"The space is fully leased to established F&B brands, ensuring continuity in the asset's retail offering while supporting the overall occupier experience," said Amit Shetty, chief executive officer, Embassy REIT, said.
He added that the trust will continue to pursue selective, value accretive opportunities.
Located in Bandra Kurla Complex (BKC), FIFC is one of Embassy REIT's key Mumbai assets.
Embassy REIT owns and operates a portfolio of over 52 million square feet of world-class office spaces across India's key gateway markets including Bengaluru, Mumbai, Pune, the National Capital Region (NCR) and Chennai. Its portfolio comprises 14 premium office ecosystems, including large, integrated office parks and city centre office assets, and is home to 285 leading global and domestic corporations.
In addition to office assets, the portfolio includes strategic amenities such as five operational business hotels, two hotels under development, and a 100 MW solar park that supplies renewable energy to tenants.
Published by HT Digital Content Services with permission from VC Circle.