Embassy REIT to acquire Embassy TechVillage for $1.3bn.

Embassy REIT, an Indian publicly listed REIT, agreed to acquire Embassy TechVillage assets for $1.3bn. The transaction is subject to unitholder and regulatory approvals. “ETV is a unique large scale business park, in the leading Outer Ring Road sub-market of Bengaluru, with a diversified blue-chip and predominantly multinational occupier base, including JP Morgan, Cisco, Sony and Flipkart. The acquisition further deepens our presence in Bengaluru, which remains India’s strongest office market, and significantly enhances our scale and ability to deliver embedded growth. We are delighted to purchase an asset of the quality and scale of ETV at a 4.6% discount to the average of the two independent valuations. This acquisition aligns perfectly with our overall strategy to maximize total returns for our Unitholders,” Mike Holland, Embassy REIT Chief Executive Officer.