Embassy REIT plans to raise up to $400 million

Likely to raise funds though QIP route

- M SRIRAM

THE COUNTRY'S LARGEST real estate investment trust, Embassy Office Parks, plans to raise up to $400 million from investors, two sources with direct knowledge said, as it looks to meet demand for office space from global and local giants.

Embassy, which manages 45 million sq ft of office parks, has clients including Google, Cisco and IBM who are bolstering their presence in the world's fifth biggest economy.

The property group has appointed investment banks Morgan Stanley and India's Kotak to run the deal, which it expects to complete by June, said the sources, who did not want to be named because the talks are private.