Embassy Office Parks REIT has received independent valuation reports for the proposed acquisition of retail premises at the First International Financial Centre (FIFC) in Mumbai. The reports, dated October 5, 2026, value the commercial assets at ₹545 crore.

The valuation was conducted by Ms. L. Anuradha, MRICS, with property consultant review services undertaken by Cushman & Wakefield (India) Private Limited. A second report was issued by iVAS Partners, represented by Ms. Amrita Bhattacharya, with value assessment services by CBRE South Asia Private Limited. These submissions were made to the National Stock Exchange of India and BSE Limited on October 6, 2026.

Asset Details and Valuation Methodology

The subject property comprises two retail units located on the ground floor of the FIFC building in Bandra Kurla Complex (BKC), Mumbai. The total carpet area is 5,231 sq. ft., equivalent to 8,048 sq. ft. of leasable area. The units are currently occupied by reputed food chain operators.

The primary valuer adopted the Discounted Cash Flow (DCF) method using rental reversion to determine the market value as of September 30, 2026. Key assumptions included a market rent of ₹425 per sq. ft. per month on leasable area and a capitalization rate of 7.50%. The discount rate applied was 11.50%, derived from a weighted average cost of capital (WACC) calculation involving a cost of debt of 7.90% and a cost of equity of 14.50%.

Market Context and Tenant Profile

BKC is identified as a secondary business district in Mumbai, characterized by high demand for Grade A office and retail spaces. The valuation report notes that retail rentals in the micro-market range from ₹420 to ₹530 per sq. ft. per month on leasable area. The subject property has a Weighted Average Lease Expiry (WALE) of approximately 1.60 years.

The tenant profile includes two major food chain operators occupying 2,051 sq. ft. and 2,939 sq. ft. of carpet area respectively. The remaining 241 sq. ft. is designated as an additional passage area. The independent review by Cushman & Wakefield confirmed that the assumptions and methodologies used were reasonable and aligned with international standards.

What the Numbers Show

A divergence exists between the two independent valuations provided in the filings. While the primary report by Ms. L. Anuradha values the asset at ₹545 million (₹545 crore), the secondary report by iVAS Partners estimates the market value at ₹506.07 million (₹506.07 crore). This variance of approximately ₹39 crore stems from differing assumptions in the Discounted Cash Flow models, particularly regarding the discount rate (11.50% vs. 11.46%) and specific expense assumptions such as brokerage costs and rent-free periods for lease rollovers.

Embassy Office Parks REIT has closed its trading window effective from the opening of business hours on September 30, 2026. The closure applies to all designated persons and their immediate relatives.

The restriction will remain in force until 48 hours after the declaration of financial results for the quarter and half year ended September 30, 2026. This measure is taken pursuant to the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015.

Regulatory compliance details

The company informed both the National Stock Exchange and BSE Limited about the closure. The action aligns with the Code on unpublished price sensitive information and dealing in securities. Designated persons are prohibited from trading in the company's securities during this period.