Embassy Office Parks REIT said it had raised a term loan of ₹1,000 crore from Bajaj Housing Finance Ltd., the proceeds of which would be used to repay existing construction debt and for general corporate purposes. The loan tenor is 12 years.
“With this refinance, Embassy REIT achieves interest savings through a 60 basis points (bps) positive refinancing spread, and the long tenor loan helps extend its debt maturity profile,” Embassy REIT said in a statement.
Vikaash Khdloya, CEO, Embassy REIT, said, “With this refinance, our entire debt book is at fixed rates for an average of 18 months, demonstrating our active capital management to the benefit of our unitholders. Embassy REIT continues to be well-positioned to finance its growth, given its access to an expanding capital pool that includes banks, mutual funds, insurers, FPIs and now NBFCs.”
