Bain Capital Sells 1.9% Stake In Embassy Office Parks REIT For Rs 691 Crore

Private investment firm Bain Capital on Thursday divested a 1.9% unitholding in Embassy Office Parks REIT for Rs 691 crore through an open market transaction.

US-based Bain Capital through its affiliate APAC Company XXIII sold a little over 1.78 crore units, amounting a 1.87 per cent unitholding in Bengaluru-based Embassy Office Parks REIT (Real Estate Investment Trust), as per bulk deal data on the BSE.

The units were disposed of at an average price of Rs 388 apiece, taking the deal value to Rs 691.41 crore.

Details of the buyers of Embassy Office Parks REIT units could not be ascertained on the exchange.

The units of Embassy Office Parks REIT slipped 1.95 per cent to close at Rs 390.16 each on the BSE.

Last month, Embassy Office Parks REIT said it has successfully raised Rs 1,550 crore through the issue of debentures and term loans to refinance its existing debt and save interest costs.

The fundraise comprises Rs 750 crore through non-convertible debentures, priced at a coupon of 6.97%, and a Rs 800 crore term-loan from a leading bank that is priced at a floating interest rate of 7.40 per cent over a 15-year tenor.

Embassy REIT owns and operates a 51.1 million square feet portfolio of 14 office parks in Bengaluru, Mumbai, Pune, Delhi-NCR and Chennai. Its portfolio comprises 40.3 million square feet of completed operating area.