Country for PR: United Kingdom
Contributor: PR Newswire Europe
Thursday, July 16 2020 - 20:50
Embassy REIT Releases its Inaugural Annual Report for Financial Year 2019-20
BENGALURU, India, July 16, 2020 /PRNewswire-AsiaNet/ --

    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 
    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 
    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 
    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 
    For more information please contact: 
    Ritwik Bhattacharjee 
    Head of Investor Relations 
    Phone: +91-80-3322-2222

    Source:  Embassy Office Parks REIT