Bain Capital's Major Divestment in Embassy Office Parks REIT

Bain Capital has divested a 1.9% stake in Embassy Office Parks REIT through an open market transaction worth Rs 691 crore. The sale involved 1.78 crore units at an average price of Rs 388 each. Embassy Office Parks REIT recently raised Rs 1,550 crore to refinance its debt.

Private investment firm Bain Capital has significantly reduced its stake in the Embassy Office Parks REIT, selling a 1.9% unitholding for Rs 691 crore. The transaction, conducted through Bain's affiliate APAC Company XXIII, saw over 1.78 crore units exchanged at an average price of Rs 388 each, as per bulk deal data on the BSE.

While the identity of the buyers remains undisclosed, the market reacted to the news, with Embassy Office Parks REIT units closing 1.95% lower at Rs 390.16 on the BSE. This sale follows the REIT's recent fundraising of Rs 1,550 crore aimed at refinancing its debts and reducing interest expenses.

The Bangalore-based REIT, which owns and operates a 51.1 million square feet portfolio across major Indian cities, continues to focus on operational optimization amidst shifting market dynamics. Its asset base includes a significant 40.3 million square feet of completed operational area.

(With inputs from agencies.)