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Global investment firm Bain Capital has sold a 5.64% unitholding in Bengaluru-based Embassy Office Parks REIT for INR 2,325.28 crore through open market transactions. The transaction involved 5,34,51,142 units sold by Bain Capital affiliate APAC Company XXIII Ltd at prices ranging from INR 435.01 to INR 435.05 per unit. The sale comes as Embassy REIT plans to acquire 10–12 million sq ft of office space over the next three to four years while developing another 6.2 million sq ft at a cost of INR 3,500 crore. The REIT operates more than 52 million sq ft across five major office markets. Its first-quarter FY2027 net operating income rose 17% year-on-year to INR 1,020 crore, while revenue from operations increased 17% to INR 1,241 crore.
Global investment firm Bain Capital divested a 5.64% unitholding in Embassy Office Parks REIT for INR 2,325.28 crore through open market transactions on Monday, as the Bengaluru-based commercial REIT continues to expand its office portfolio through acquisitions and development. The transaction involved more than 53 million units and was executed through Bain Capital affiliate APAC Company XXIII Ltd.
According to bulk deal data on the National Stock Exchange (NSE), APAC Company XXIII Ltd sold 5,34,51,142 units, representing a 5.64% holding in Embassy Office Parks REIT. The units were sold in the range of INR 435.01 to INR 435.05 apiece, resulting in a combined transaction value of INR 2,325.28 crore. Details of the buyers were not available on the exchange. Embassy REIT units subsequently declined nearly 3% to close at INR 440.26 per unit on the NSE.
Embassy REIT is sponsored by Embassy Group, which also has two other listed entities, Embassy Developments and WeWork India. The REIT owns and operates more than 52 million sq ft of office space across Bengaluru, Mumbai, Pune, Delhi-NCR and Chennai. Its portfolio includes office assets as well as five operational business hotels, two hotels under development and a 100 MW solar park supplying renewable power to tenants.
The stake sale comes as the REIT works on expanding its portfolio. Embassy REIT chief executive officer Amit Shetty said in an interview last week that the company plans to acquire 10–12 million sq ft of office space over the next three to four years. The acquisition pipeline comprises properties from third parties as well as assets associated with its sponsor group, with the company evaluating potential transactions and expecting to conclude some deals during the current financial year.
The REIT is also developing 6.2 million sq ft of office space at a total cost of INR 3,500 crore. Shetty said the company was assessing acquisition opportunities in the top five to six cities and had sufficient debt headroom to fund acquisitions once transactions are finalised.
Embassy REIT reported a 17% year-on-year increase in net operating income to INR 1,020 crore for the quarter ended June. Revenue from operations also rose 17% annually to INR 1,241 crore in the first quarter of FY2027. The REIT declared a distribution of INR 598 crore, equivalent to INR 6.31 per unit, for the April-June quarter.
As of June 30, 2026, Embassy REIT reported a 52.5 million sq ft portfolio, including completed, under-construction and proposed future development. Its completed operating area stood at 43.5 million sq ft, with 285 occupiers and 90% occupancy. The portfolio also included 6.2 million sq ft of active developments.
Source - PTI
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