MUMBAI: At a time when the covid-19 pandemic has disrupted normal business operations and put cash flows under stress, Bengaluru-based real estate developer Embassy Property Developments Pvt Ltd has raised $180 million ( ₹1,355 crore) in debt to help with working capital requirements and repayment of existing loans, said two people aware of the development.
To raise this debt, Embassy has pledged around 70% of its holding in India's first and so far the only publicly listed real estate investment trust (REIT) - Embassy Office Parks REIT, the people cited above said.
Embassy Office Parks went public in March 2019. Embassy holds almost 15% stake in the REIT, while its private equity partner Blackstone holds around 55%, with the rest being