Embassy Office Parks REIT to be added in FTSE EPRA Nareit Global Emerging Index
Embassy Office Parks REIT, India’s first listed REIT and the largest in Asia by area, announced on Thursday that REIT will be included in FTSE EPRA Nareit Global Emerging Index with effect from September 21, 2020.
FTSE Russell announced these changes as part of the FTSE EPRA Nareit Global Real Estate Index Series September 2020 quarterly review on Wednesday.
FTSE EPRA Nareit Global Real Estate Index Series is an international real estate investment index system that is established by FTSE Russell in collaboration with the US-based National Association of Real Estate Investment Trusts (Nareit) and European Public Real Estate Association (EPRA).
Embassy Office Parks is India’s first publicly listed Real Estate Investment Trust (REIT), which got listed in April 2019. It owns and operates a 33.3 million square feet portfolio of seven infrastructure-like office parks and four city-centre office buildings in Bengaluru, Pune, Mumbai, and the National Capital Region (NCR). Embassy Office Parks’ portfolio comprises of 26.2 million square feet (MSF) completed operating area and has occupancy of 92.2 per cent as of June 30, 2020. Being included in an index is seen as positive by many as it improves the demand for the stock with few mutual funds and investment vehicles having a mandate or inclination of investing only in index constituents. It can also make the performance of the added stock become more correlated with other constituents.
Since the beginning of CY2020, Embassy office parks REIT has given a return of -14.33 per cent.