S&R Associates advised Embassy Office Parks REIT to acquire Manyata

S&R Associates advised Embassy Office Parks REIT to acquire property maintenance business of Manyata 

S&R Associates represented Embassy Office Parks REIT in the acquisition by its manager, Embassy Office Parks Management Services, of the property maintenance business in relation to Embassy Manyata Business Park, Bengaluru and Embassy TechZone, Pune, from Embassy Services, an affiliate of the Embassy Group, at an enterprise value of Rs.4.74 billion.

According to a stock exchange announcement, "The Proposed Transaction enables full integration and overall alignment of property maintenance for two of existing REIT assets and helps further enhance service delivery to the occupants of Embassy Manyata Business Park and Embassy TechZone especially important given the heightened focus on health and safety by occupiers. The acquisition consideration is at a discount of 8.5 per cent to the average of two independent valuation reports and on a proforma basis the Proposed Transaction would be Net Operating Income ("NOI") accretive and Distribution per Unit ("DPU") accretive for Embassy REIT."

The S&R team was led by partners Sandip Bhagat and Radhika Iyer and included associates Anugya Sahai and Shwetank Sharma.

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