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Nirmal Bang Report
As part of our annual investor conference, we interacted with the management of Embassy Office Parks REIT and felt optimistic. Our optimism about the company is in sync with the management's opinion on demand recoverability in the commercial segment on the back of higher offshoring by global captive centres and tech centres.
The key takeaways from our interaction with Embassy REIT are:
easing demand outlook remains resilient in the medium term, driven by increased level of inquiries, especially in the Bengaluru market,
new construction being accelerated to support higher demand from the corporates,
increased guidance for net operating income by 3% and distribution by 1%,
supply outlook remains favorable,
reduction in the cost of debt through refinancing,
management does not expect cap rates to soften,
broad-basing of tenant profile,
new cities under consideration - Hyderabad and Chennai.
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