3, Feb 2024
Embassy REIT Achieves Full Year Leasing Guidance of 6.5 Million Square Feet in 9 Months
Bengaluru, India, February 3, 2024
Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, reported results today for the third quarter ended December 31, 2023.
Aravind Maiya, Chief Executive Officer of Embassy REIT, said,
“It’s been a remarkable quarter for Embassy REIT. We’re pleased to announce that we’ve achieved our annual leasing guidance in just 9 months. As our 2.2 msf of pre-leasing to three renowned global companies demonstrates, India continues to be a thriving business hub for GCCs. As more and more multinationals set up their centres in India, their need for premium office spaces to house their talent will grow exponentially in the coming years. Our refinance of ₹2,600 crores through a combination of instruments provides us increased flexibility in managing our debt portfolio. Lastly, the strength of our business is reflected by the excellent response of equity investors to the recent sponsor stake sale, which has resulted in an increase of our public float to 92% and a truly diversified blue-chip unitholder base.”
The Board of Directors of Embassy Office Parks Management Services Private Limited (‘EOPMSPL’), Manager to Embassy REIT, at its Board Meeting held earlier today, declared a distribution of ₹493 crores or ₹5.2 per unit for Q3 FY2024. The record date for the Q3 FY2024 distribution is February 12, 2024, and the distribution will be paid on or before February 17, 2024.
Business Highlights
· Record leasing of 3.5 msf across 22 deals, including 1.1 msf of new leases and three large pre-lease deals of 2.2 msf in Bengaluru with leading multinationals
· Global Captive Centres (GCCs) in primarily BFSI, retail, and tech sectors accounted for over 78% of total leasing
· 90%+ occupancy levels across 50% of Embassy REIT’s properties Financial Highlights
· Revenue from Operations grew by 8% YoY to ₹936 crores
· Delivered distributions of ₹493 crores or ₹5.2 per unit
· Refinanced ₹2,600 crores at an average rate of 8.25% including first-time commercial paper issuance of ₹1,000 crores; strong balance sheet with an industry-leading in-place debt cost at 7.8% and dual AAA/Stable credit ratings Operational & Development Highlights
· Development pipeline of 6.9 msf of which 90% is in Bengaluru at highly attractive yields of over 20%
· Hotel portfolio continued to perform strongly with 55% occupancy, 19% YoY ADR growth and an EBITDA of ₹50 crores
· Included in the 2023 Dow Jones Sustainability Indices making Embassy REIT the first Indian REIT to be recognized for its sustainability initiatives by this leading global benchmark
Investor Materials and Quarterly Investor Call Details
Embassy REIT has released a package of information on the quarterly results and performance, that includes (i) condensed standalone and condensed consolidated financial statements for the quarter and nine months ended December 31, 2023 (ii) an earnings presentation covering Q3 FY2024 results, and (iii) supplemental operating and financial data book that is in-line with leading reporting practices across global REITs.
Embassy REIT will host a conference call on February 5, 2024 at 17:00 hours Indian Standard Time to discuss the Q3 FY2024 results.
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- By Rabindra
9, Jan 2024
Bandhan Multi Asset Allocation Fund Launched for Investors
Bangalore, 09 January 2024: Bandhan Mutual Fund announced the launch of the Bandhan Multi Asset Allocation Fund, an open-ended scheme that enables investment across diverse asset classes including Indian Equities, International Equities, Arbitrage, Fixed Income, Gold and Silver. Studies have established that asset allocation, rather than security selection or market timing, is the dominant factor impacting return variability. This new fund will adopt a multi-asset allocation strategy to optimize reward and risk by diversifying investments across various asset classes, each offering unique advantages in terms of growth, stability, and inflation protection. The New Fund Offer (NFO) is set to open on Wednesday, 10 January 2024, and will close on Wednesday, 24 January 2024. Investments in the Bandhan Multi Asset Allocation Fund can be made through licensed mutual fund distributors, investment advisors, online platforms, or directly at https://bandhanmutual.com/nfo/bandhan-multi-asset-allocation-fund/.
Highlighting the importance of a multi-asset allocation approach, especially at a time when select segments in equity markets have provided very strong past returns potentially leading to build-up of concentration risks for some investors, Vishal Kapoor, CEO of Bandhan AMC, commented, “Asset Allocation helps investors avoid behavioural pitfalls, such as market timing and performance chasing which can result in shorter holding periods, portfolio imbalances and eventually sub-optimal returns. Seasoned investors recognise that no single asset class has been a winner for consecutive periods, and hence, diversifying across asset classes brings greater stability and consistency of returns. Bandhan Multi Asset Allocation Fund is crafted to offer investors a sophisticated, transparent, and effective way to achieve a well-diversified portfolio investing in 5 major asset classes and across 13 sub-asset classes. By expertly integrating major asset classes into a single well-curated fund, the fund aims for potential long-term growth, with relatively lower volatility. Investors seeking a long-term well-rounded portfolio for relatively stable returns may find this very attractive.”
Target allocation for this Fund includes about 50% to Indian Equities across Large-cap, Mid-cap and Small-cap stocks, 15% to International Equities across the U.S., other developed markets as well as emerging markets, 15% to fully hedged Arbitrage strategies, 10% towards actively managed high-quality Fixed Income and 10% towards domestic Gold and Silver. The portfolio would be systematically rebalanced half yearly to the targeted allocation.
8, Aug 2023
Techknowgreen Solutions Limited (TSL) announces filing of the Draft Prospectus with SME platform of BSE for its Initial Public Offering
PUNE, India, August 8, 2023: Techknowgreen Solutions Limited (TSL), an environmental compliance and consulting company, headquartered in Pune has filed the Draft Prospectus with the SME Platform of BSE Limited (BSE SME). This event marks a significant step in the company’s journey as it seeks to raise capital to accelerate its mission of delivering innovative and sustainable environmental solutions to clients pan-India and internationally.
The IPO proceeds will be utilised to fund the company’s strategic growth initiatives, including investment in research and development, investment in infrastructure facility, strengthening the organisation’s ecosystem by hiring experienced resources, repayment of bank facility and general corporate purposes.
Dr Ajay Ojha, Founder and Managing Director of Techknowgreen Solutions Limited., said, “We are thrilled to announce the filing of our Draft Prospectus with the esteemed SME platform of BSE Limited. This brings us closer to realising our vision and strengthening our belief that becoming a public listed entity will enable us to drive innovation and better serve our clients.”
TSL’s key service offerings include Consulting – Regulatory | Sustainability, Technology – Execution | Info Tech and Research – Policy | Engineering. The Firm has diverse experience in handling complex environmental projects across various industries like infrastructure, chemical, automobile, healthcare, manufacturing, real estate and projects of national/state governments.
Indorient Financial Services Limited, is the lead manager for the proposed IPO and Pooja EquiResearch Pvt Ltd, Mumbai is acting as the advisor to the Company.
About Techknowgreen (TSL) : http://www.techknowgreen.com/index.php
