PR84806

BENGALURU, India, July 16, 2020 /PRNewswire=KYODO JBN/ --

    Embassy Office Parks REIT (NSE: EMBASSY) (BSE: 542602) ('Embassy REIT'),

India's first listed REIT and the largest in Asia by area, has released its

Annual Report for the full year ended March 31, 2020. The report covers the

performance of Embassy REIT since its listing on BSE and NSE on April 1, 2019

and showcases the resilience of the underlying business, despite the COVID-19 pandemic.

    Jitu Virwani, Chairman of Embassy REIT, said, "I am very pleased to present

to you Embassy REIT's first year annual report. Our full year results delivered

on the expectations we set when the REIT listed in April 2019. Embassy REIT

delivered c.2.4 msf of new leasing, distributed Rs.18.8 billion (c.$250 million)

and returned c.25% in total returns to Unitholders. This performance is a testament

to the quality of the REIT structure and world-class properties in Embassy REIT,

a dedicated and exceptional management team, and the strategic vision and

partnership between two sponsors who believe in the potential and

resiliency of commercial real estate here in India."

    Mike Holland, Chief Executive Officer, said, "Embassy REIT's business parks

and office spaces represent the ideal workplace for the talented Indian

workforce. Our institutional grade properties with safe and secure community

spaces cater to the best in class technology and other global occupiers by

providing the necessary physical and digital infrastructure and collaborative

working environment. As we navigate this pandemic, we believe that demand will

continue towards to higher quality, lower density workspaces like those of our parks

in the medium term. This aligns well with our overall product offering and strategy

of providing occupiers and their employees with a total business ecosystem."

    The board of directors of the Manager to the Embassy REIT has approved the

Embassy REIT Annual Report FY2020, subject to adoption by the unitholders of

the Embassy REIT at an annual meeting.  

    Embassy REIT's Annual Report FY2020 is available on the  REIT's website

ir.embassyofficeparks.com

(https://ir.embassyofficeparks.com/investors/investor-overview/default.aspx ).

    Disclaimer

    This press release is prepared for general information purposes only.

The information contained herein is based on management information and estimates.

It is only current as of its date, has not been independently verified and may

be subject to change without notice. Embassy Office Parks Management Services

Private Limited ("the Manager") in its capacity as the Manager of the Embassy

Office Parks REIT ("Embassy REIT"), and Embassy REIT make no representation or

warranty, express or implied, as to, and do not accept any responsibility or

liability with respect to, the fairness and completeness of the content hereof.

Each recipient will be solely responsible for its own assessment of the market

and the market position of Embassy REIT.

    This press release contains forward-looking statements based on the

currently held beliefs, opinions and assumptions of the Manager.

Forward-looking statements involve known and unknown risks, uncertainties and

other factors, which may cause the actual results, financial condition,

performance, or achievements of Embassy REIT or industry results, to differ

materially from the results, financial condition, performance or achievements

expressed or implied by such forward-looking statements. Given these risks,

uncertainties and other factors, including the impact of COVID-19 on us, our

occupiers and the Indian and global economies, recipients of this press release

are cautioned not to place undue reliance on these forward-looking statements.

The Manager disclaims any obligation to update these forward-looking statements

to reflect future events or developments or the impact of events which cannot

currently be ascertained, such as COVID19. In addition to statements which are

forward looking by reason of context, the words 'may', 'will', 'should',

'expects', 'plans', 'intends', 'anticipates', 'believes', 'estimates',

'predicts', 'potential' or 'continue' and similar expressions identify

forward-looking statements.

    Investors should also take note that Embassy REIT was listed on April 1,

2019 and the Embassy REIT assets were acquired between March 22, 2019 to March

25, 2019. Accordingly, the comparative quarterly and financial year financial

information has been prepared by comparing unaudited combined financial

statements for the quarter ended March 31 2019 and audited combined financial

statements for the financial year ended March 31, 2019 (assuming that the

Embassy REIT held the REIT assets in its present form as of April 1, 2018) as

against audited condensed consolidated financial statements for the quarter and

financial year ended March 31, 2020.

    About Embassy REIT

    Embassy Office Parks is India's first and only listed REIT. Embassy REIT

comprises c.26.2 msf of completed and operational commercial properties across

India. With approximately 7.1 msf of on-campus development in the pipeline, the

total portfolio spans c.33.3 msf across seven Grade A office parks and four

city-center office buildings in India's best performing office markets of

Bengaluru, Mumbai, Pune and the National Capital Region (NCR). The portfolio is

home to over 160 blue chip corporate occupiers, and comprises 78 buildings with

strategic amenities, including two completed hotels, two under-construction hotels,

and a 100MW(AC) solar park that supplies renewable energy to park occupiers.

    For more information please contact:

    Ritwik Bhattacharjee

    Head of Investor Relations

    Email: ir@embassyofficeparks.com

    Phone: +91-80-3322-2222

    Logo: https://mma.prnewswire.com/media/959202/Embassy_Office_Parks_Logo.jpg 

    Source:  Embassy Office Parks REIT