CREDIT SUISSE ON EMBASSY OFFICE

CREDIT SUISSE ON EMBASSY OFFICE

CREDIT SUISSE ON EMBASSY OFFICE : 24.06.2021

* Maintain Outperform, Target at Rs 420/share
• AIT REIT has delivered strong outperformance over long term
• Even Embassy has kept pace, utilities have not
* Embassy is a play on accelerating tech growth spend
* Premium positioning in best office market
* FY23E yield of 6.1% and growing at 10-11%
* Benefit from lower borrowing cost on refinance