TT&A acted as a legal adviser to Embassy Office Parks REIT in connection with the issuance of Indian rupee denominated, listed, rated, secured, redeemable, non-convertible debentures of aggregate nominal value of ₹2,000 crore in two series by the Issuer.

The transaction team consisted of Nidhi Rani (Partner) and Kishan Gupta & Rajeev Dadhich (Associates).

The issue, rated “AAA/Stable” by CRISIL, saw participation from 11 institutional investors and is part of the REIT’s strategy to refinance existing debt, resulting in an estimated interest cost saving of 77 basis points. As part of this refinancing, Embassy REIT will also exercise a call option to prepay ₹500 crore of higher-cost Series IX NCDs carrying an 8.03% coupon. The REIT, which owns and operates a 51.1 million sq. ft. portfolio across major Indian cities, including 40.3 million sq. ft. of operational office space, aims to optimize its capital structure through this issuance.

Embassy Office Parks REIT is India's first publicly listed real estate investment trust, primarily focused on owning and operating income-generating office spaces. It boasts a substantial portfolio of approximately 51.1 million square feet across nine infrastructure-like office parks and four city-center office buildings, strategically located in major cities like Bangalore, Mumbai, Pune, and the National Capital Region (NCR). The REIT aims to provide investors with a stable income stream through its high-quality assets, which cater to a diverse range of tenants, including multinational corporations.

It is a significant fund raise by Embassy REIT which was heavily subscribed to by institutional investors and reinforces its standing as a leading credit in commercial real estate sector.

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