Board approves proposed acquisition of FIFC office premises in Mumbai for ₹482.88 million

Board of the Manager to the REIT approved a proposed acquisition of ground-floor commercial premises in FIFC, Bandra Kurla Complex, Mumbai.

Tue 6 Oct 2026

Purchase Consideration

₹482.88 million, in cash

Saleable Area

8,048 sq. ft.

Expected Completion

on or before Q3FY27

What was approved

The Board of Directors of the Manager to Embassy Office Parks REIT, at its meeting held on Tuesday, October 06, 2026 through audio-visual electronic communication, approved the proposed acquisition of commercial premises on the ground floor of First International Financial Centre (FIFC), Bandra Kurla Complex, Mumbai, for a purchase consideration of ₹482.88 million. The meeting commenced at 1935 Hrs IST and concluded at 1940 Hrs IST.

The premises being acquired

• Unit No. 001 on the ground floor of FIFC, admeasuring 5,231 sq. ft. (carpet area) and 8,048 sq. ft. (saleable area).
• Along with the exclusive right to use and occupy 7 (seven) car-parking spaces in the building.
• And a proportionate 1.3% (One point Three percent) undivided rights, title, shares and interests in the common areas and facilities of the building, together with the voting rights / shares and all other rights appurtenant to the premises.
• FIFC is a commercial office building of approximately 0.7 million sq. ft. at Bandra Kurla Complex, Mumbai, of which the REIT, through ETPL, owns approximately 0.4 million sq. ft.

Consideration and valuation

• The purchase consideration is ₹482.88 million, on a cash consideration basis.
• The purchase consideration is at a discount to the average of the value of the Premises as determined by two independent valuers. The REIT is required to obtain valuation of the Premises from its independent valuer, and as a matter of good governance has voluntarily obtained valuation from two independent valuers.
• Stamp duty and registration charges in connection with the acquisition are to be borne by ETPL.
• No acquisition fee is payable to the Manager for the acquisition.

Seller and holding structure

The REIT will acquire the Premises from Citi Group Global Markets India Private Limited pursuant to a transfer deed to be executed between Citi and Earnest Towers Private Limited (ETPL), a Special Purpose Vehicle of the REIT. Upon completion, the Premises will be held by ETPL.

Approvals and timeline

• The application for transfer of title in respect of the Premises has been approved by the Mumbai Metropolitan Region Development Authority.
• Completion will involve payment of stamp duty, execution and registration of the transfer deed and payment of the purchase consideration.
• The acquisition is expected to be completed on or before Q3FY27.

Other points disclosed

• The acquisition is not a related party transaction and the sponsors of the REIT do not have any interest in the Premises.
• The acquisition does not require approval of the unitholders.
• The Premises are in the line of business of the REIT. The acquisition is described as an opportunity to consolidate/expand the REIT's presence at Bandra Kurla Complex, Mumbai, to grow its rental income, and as being in the interests of the REIT.

The update describes a proposed acquisition that is yet to be completed; completion is subject to the steps set out in the update.

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