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Nirmal Bang research report
We interacted with the management of Embassy Office Parks real estate investment funds. Our optimism about the business is in line with management’s view on the collectability of demand in the commercial segment, subject to a possible third wave of Covid-19 not hitting the country.
Management also said that, given that Omicron is not serious according to current data, physical occupancy is expected to continue to improve and is expected to reach 25% by the end of CY21.
A low vacancy rate in Bangaluru (Embassy REITs own approximately 75% of the rental space in Bengaluru), an increase in physical occupancy, continued growth in demand from the IT and IT services sector and global captive centers are expected to drive demand for rental space for the business.
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