Embassy REIT Leases Record 2 Mn Square Feet

Embassy REIT Appoints Amit Shetty As CEO

Amit Shetty

FinTech BizNews Service 

Mumbai, July 31, 2025: Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, reported results today for the first quarter ended June 30, 2025.  

Ritwik Bhattacharjee, Chief Executive Officer of Embassy REIT, said, “We are delighted to report a strong start to FY2026, with 2.0 msf of leasing this quarter and growing momentum in Chennai. Our revenue grew 13% YoY, and distributions grew by 4% YoY, reflecting the continued strength of our portfolio. We also raised Rs4,225 crores of debt at a blended coupon of 7.18% to opportunistically take advantage of a favorable rate environment, and to position the REIT well for future growth opportunities.” 

The Board of Directors of Embassy Office Parks Management Services Private Limited (‘EOPMSPL’), Manager to Embassy REIT, at its Board Meeting held earlier today, declared a distribution of Rs550 crores or Rs5.80 per unit for Q1 FY2026. The record date for the Q1 FY2026 distribution is August 05, 2025, and the distribution will be paid on or before August 12, 2025.  

Business Highlights 

• Leased 2.0 msf across 25 deals in Q1 FY2026, up 9% YoY. This includes 1.0 msf of new leases, 360k sf of renewals and 665k sf of pre-leases 
• Strong pre-leasing activity led by Chennai, with over 500k sf pre-leased, including to a leading global healthcare company 
• Over 90% occupancy across all Bengaluru assets (75% of Gross Asset Value); 10 of 14 properties above 90%, including 6 at 100% occupancy. GCCs remain key drivers, contributing 64% of rentals  

Financial Highlights 

• Grew Revenue from Operations by 13% YoY to Rs1,060 crores and Net Operating Income (NOI) by 15% YoY to Rs872 crores 
• Delivered Distributions of Rs550 crores or Rs5.80 per unit, up 4% YoY  
• Raised Rs4,225 crores of debt at a blended coupon of 7.18%. This includes a Rs750 crore NCD issuance at a 6.97% coupon, which is the lowest rate achieved by the REIT in the last four years 

Operational & Growth Highlights  

• Entered binding documents for divestment of 376k square feet of two strata owned blocks at Embassy Manyata in Bengaluru as part of strategic capital recycling 
• Received an invitation to offer from Embassy Developments Limited for a potential 3.3 msf commercial project in Whitefield, Bengaluru; under evaluation per regulations and governance protocols 
• Current development pipeline of 6.1 msf in Bengaluru & Chennai, around 60% pre-leased, reflecting strong forward demand 

 Embassy Office Parks REIT today also announced the appointment of Amit Shetty as Chief Executive Officer, effective August 1, 2025.  

Amit is currently the Chief Operating Officer of Embassy REIT. He has played an instrumental role in building Embassy REIT’s business into India’s foremost commercial office enterprise. Amit joined Embassy REIT in 2021 from CBRE, where he spent 14 years.  

Ritwik Bhattacharjee, the current CEO, will serve as Senior Advisor to the REIT.   

Jitu Virwani, Chairman, Embassy Group, said, “We thank Ritwik for leading the REIT as Interim CEO, and the role he’s played in Embassy REIT’s success over the years. After conducting a process with a global executive search firm, the Board of the Manager to Embassy REIT unanimously chose Amit Shetty to be Embassy REIT’s CEO. With his pedigreed relationships with the leasing community and strong development and asset management capabilities, Amit will take the REIT to greater heights in this growth cycle for the Indian office market.” 

Amit Shetty said, “I am really pleased to lead Embassy REIT at such an exciting time for our business. I am grateful to the Board of Directors for their trust in me, and I look forward to working closely with my colleagues to deliver sustained value to all our stakeholders. I also thank Ritwik for all his contributions to Embassy REIT. Our business is in great shape with strong fundamentals and demand drivers, and the outlook for Indian office has never been brighter.”