Embassy Office Parks REIT has raised ₹1,000 crore through three-year floating-rate non-convertible debentures (NCDs), in what it said is the first financing by a scheduled commercial bank to an Indian REIT at the trust level under the Reserve Bank of India’s new REIT lending framework.
The Series XVIII NCDs were fully subscribed by a leading European multinational bank, not named in the release. The issue carries an initial coupon of 6.97%, set at 150 basis points above the agreed three-month MIBOR OIS benchmark. The coupon will reset every three months in line with movements in the benchmark. The NCDs have been rated “AAA/Stable” by CARE.
The transaction follows the RBI framework announced in June 2026, permitting commercial banks to finance REITs. Embassy REIT said the deal marks the first such financing by a scheduled commercial bank to an Indian REIT at the trust level under the new framework.
Amit Shetty, Chief Executive Officer of Embassy REIT, said: “This ₹1,000 crore fundraise is a significant milestone for Embassy REIT and for the evolution of India’s REIT market. Continued regulatory support from SEBI and RBI has strengthened access to long-term funding for REITs. This new framework opens an important source of institutional capital that complements traditional capital market funding and further deepens the financing ecosystem. As India’s first listed REIT, we are pleased to once again lead the way with the first bank financing at the trust level.”
Embassy REIT said the new bank-lending framework provides an additional source of institutional capital alongside traditional capital-market funding.
Embassy Office Parks Management Services Private Limited, the manager of the REIT, notified the transaction to the NSE and BSE on September 25, 2026. The filing described the fundraise as the first of its kind under the new regime.
Embassy REIT is India’s first publicly listed real estate investment trust. According to the company, it is also the largest office REIT in Asia by area. Its portfolio comprises more than 52 million square feet of office space across Bengaluru, Mumbai, Pune, the National Capital Region and Chennai.
The portfolio includes 14 office ecosystems, spanning integrated office parks and city-centre office assets, and houses 285 global and domestic companies. Beyond office properties, Embassy REIT owns five operational business hotels, has two hotels under development and operates a 100 MW solar park that supplies renewable energy to tenants.
