Embassy Office Parks REIT announced that it has completed the acquisition of Embassy Splendid TechZone (ESTZ), a Grade-A business park in Chennai. The INR 11,850 million acquisition was funded primarily through a debt raise of INR 12,000 million and internal accruals. This acquisition increases Embassy REIT's total portfolio to 50.5 msf, positions it as one of the largest office REITs globally, and marks its entry into the new growth market of Chennai.

Transaction Highlights: INR 11,850 million Enterprise Value is at a 9.2% discount to the average of two independent valuation reports; Accretive by 2.0% and 0.2% to Fiscal Year 2025 mid-point NOI and DPU guidance, respectively, and accretive to March 2024 NAV by 0.2%, on a proforma basis; Transaction financed primarily through debt at 8.05% and internal accruals; Stable cash flows from 95% occupancy on 1.4 msf completed buildings; leased to marquee multinational occupiers such as Wells Fargo and BNY Mellon, among others; Embedded growth from 1.6 msf of on-campus development and 2.0 msf future development potential; Enhances Embassy REIT's commercial portfolio by 11% to 50.5 msf, positioning the REIT as one of the largest office REITs worldwide.