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Embassy REIT Announces ₹98 billion ($1.3 billion) Acquisition of Embassy TechVillage

Posted on by City Today News (City today.media)

9.2 msf integrated office park located on Outer Ring Road Bengaluru, India’s best-performing office sub-market
Addition of 35+ blue-chip occupiers to REIT’s existing marquee occupier base
Adds long-term earnings power through 33.7% mark-to-market potential and 3.1 msf development, of which 36% pre-leased
NOI, DPU and NAV accretive transaction fortifies Embassy REIT’s position as one of Asia’s largest office REITs by area

Bengaluru, India, November 17, 2020 :
Embassy REIT, India’s first publicly listed REIT, announced today that it has agreed to purchase Embassy TechVillage assets (“ETV”) from affiliates of Embassy Sponsor, Blackstone Sponsor and other selling shareholders for a total consideration of ₹97,824 million ($1.3 billion), subject to Unitholder and regulatory approvals.
The acquisition comprises c.6.1 million square feet (“msf”) of completed area, c.3.1 msf of under-construction area, of which 36% is pre-leased to JP Morgan, and two proposed 518-keys Hilton hotels within the overall ETV campus. Embassy REIT is exercising its right under the ROFO agreement to acquire the asset.

Mike Holland, Chief Executive Officer of Embassy REIT said, “The proposed accretive acquisition of Embassy TechVillage will mark the addition of another trophy asset to our existing office portfolio, while reinforcing our stable cash flows. ETV is a unique large scale business park, in the leading Outer Ring Road sub-market of Bengaluru, with a diversified blue-chip and predominantly multinational occupier base, including JP Morgan, Cisco, Sony and Flipkart. The acquisition further deepens our presence in Bengaluru, which remains India’s strongest office market, and significantly enhances our scale and ability to deliver embedded growth. We are delighted to purchase an asset of the quality and scale of ETV at a 4.6% discount to the average of the two independent valuations. This acquisition aligns perfectly with our overall strategy to maximize total returns for our Unitholders.”

Jitendra Virwani, Chairman & Founder of the Embassy Group said, “We are pleased to deliver on our commitment to support the growth of the REIT platform through the ROFO pipeline. The Embassy TechVillage ROFO reaffirms the commitment we made at the time of the REIT’s listing to provide Embassy REIT with a pipeline of opportunities for completed and rent-yielding assets. Over the past six years, Embassy Group has developed ETV to be one of the finest office assets in the country, and we are pleased to offer this asset to the REIT for consideration and approval by the Independent Directors of the REIT Manager and the Unitholders. Embassy Group will continue to develop top quality office assets across the country, thereby providing the REIT with a potential pipeline of assets that will help it grow inorganically over the coming years.”
The REIT proposes to fund this c.₹98 billion ($1.3 billion) acquisition by issuing equity of c.₹60 billion ($812 million) through a combination of an institutional placement of c.₹37 billion ($500 million), and by way of a preferential issue of units to third-party selling shareholders of c.₹23 billion ($312 million). The proposed placement of units is expected to increase the REIT’s public float, enhance its liquidity, and serve as a catalyst for the REIT’s potential inclusion into additional benchmark global equity indices. The REIT also plans to refinance existing ETV debt facilities of up to c.₹36 billion ($492 million) through a combination of equity and issuance of new coupon bearing debt.

Transaction Highlights
Aggregate enterprise valuation of ₹97,824 million is at a 4.6% discount to average of two independent valuation reports
Enhances Embassy REIT’s commercial office portfolio scale by 28% to 42.4 msf, facilitates entry into Bengaluru’s best-performing sub-market and further diversifies Embassy REIT’s occupier base
Stable cash flows with strong embedded growth through 33.7% MTM upside on 97.3% leased area and 3.1 msf of on-campus development, of which 36% is pre-leased to JP Morgan
Attractive acquisition with proforma accretion of 28% to Net Operating Income (‘NOI’), 4.2% to Distribution Per Unit (‘DPU’) and 3.0% to Net Asset Value (‘NAV’) per unit basis 6 months period ended September 2020
Strong framework in place regulating related party transactions including approval by independent directors of the Board, majority of unrelated unitholders’ approval required for ETV acquisition, and no acquisition linked fees to the REIT Manager
Fairness opinion issued by HSBC Securities and Capital Markets (India) Private Limited to the independent directors of the manager to Embassy REIT opining that, subject to the assumptions and limitations of the scope, the proposed value of the acquisition is fair, from a financial point of view, to the public Unitholders of Embassy REIT
The acquisition is subject to certain condition precedents and requires Unitholder, regulatory and other approvals.
Morgan Stanley and Kotak Investment Banking are serving as joint financial advisors to Embassy REIT, while S&R Associates and Clifford Chance are acting as legal advisors to Embassy REIT. Ernst and Young LLP conducted financial and tax diligence and HSBC Securities and Capital Markets (India) provided a fairness opinion to the independent directors of the manager to Embassy REIT for the proposed acquisition.

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Fanzart Launches Ultra-Luxurious Champagne Gold-Plated Fandelier

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Bengaluru, November 12, 2020: Fanzart, India’s foremost creators of luxury fans launched their ultra-luxurious Champagne Gold Fandelier (fan and chandelier) with their patented high vortex blades and pure gold plating, at a press conference here today.

Speaking on the launch of the Champagne Gold Fandelier, Anil Lala, Founder and Managing Director, Fanzart says, “The Champagne Gold fan is an exclusive fandelier for the discerning few. Spending more time at home is the new norm considering the ongoing situation in the world. Comfort coupled with good looks is expected of functional décor elements such as fandeliers. The Champagne Gold Fandelier offers silent, yet efficient cooling with its patented vortex blades that displace 8000 cubic feet per minute (CFM) of air and comes with a Brushless DC Motor (BLDC motor). Our unique summer-winter feature makes this an ideal option for dining rooms and during winters when air circulation is a priority over cooling. The fan uses only 22 watts of electricity, making it power-efficient as well”.

Perfect match for several interior mood boards: This 3-blade, remote controlled fan, comes with a light kit, offering multiple illumination options. The regal champagne gold colour makes it a perfect match for several interior mood boards – Neo-Classic, Eclectic, Hollywood Glam, Victorian and Bohemian among others. The fandelier also comes with Fanzart’s unique summer- winter feature – that combines clockwise and anti-clockwise movements to provide a cool breeze and cosy warm air effect. This makes the fan ideal for placement above dining tables. It can also be placed in living rooms, drawing rooms, family areas, walk- in wardrobes, and other spaces.

Speaking on the design of the Champagne Gold Fandelier, Tarun Lala, Executive Director, Fanzart says, “Besides seamless functioning, we have placed intense focus on the looks of the fandelier. The Champagne Gold colour makes it an easy match to most interior design themes and colour palettes. The gold plating gives it a chic and luxurious touch. The lighting strips offer LEDS in warm light, daylight, and white light options match the user’s needs. All three options come with a dimmer option. This functional décor elements fits perfectly in most interior design schemes”. Fanzart’s Champagne Gold Fandelier is priced at Rs 1.50 lakh and will be available at https://www.fanzartfans.com or 78 showroom locations across India.

Technical Details

*Chandelier fan (non-crystal) *Patented Vortex Blades 8000 CFM. *Bright LED strip with 3 colours of LED – Warm light, Day light, White light with dimmer. *Powered by Brushless DC motor (BLDC motor). Absorbs only 22 watts of power. *High-quality remote control for convenience. *Blade Material – 3 blades, 5D Vortex ABS *Blade Mechanism – Regular *Blade Size -22 inches *Sweep – 558 mm / 22 in *Motor Spec – 153 x 12 mm DC *Height of Fan: 559 mm / 22 in *Additional features: Summer Winter Feature

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Four Amrita Vishwa Vidyapeetham Scientists Among World’s Top 2%: Stanford Study

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Dr. Maneesha Ramesh, Dr. Shanti Nair, Dr. R Jayakumar and Dr. Madhav Dutta figure in the ranking in recognition of the quality of their research

NEW DELHI / November 9, 2020: Four scientists of Amrita Vishwa Vidyapeetham have been featured in the ranking of top 2% scientists in the world in their respective fields published by Stanford University of the US. Dr. Maneesha Ramesh, Dr. Shanti Nair, Dr. R Jayakumar and Dr. Madhav Dutta figure in the ranking in recognition of the quality of their research.

Dr. Maneesha Ramesh, from Amrita Center for Wireless Networks & Applications, Amrita School of Engineering (Amritapuri Campus), has been recognized as among the world’s top scientists in the field of networking, telecommunications, artificial intelligence and image processing.

Dr. Shanti Nair and Dr. R Jayakumar, both from the Center for Nanosciences & Molecular Medicine, Amrita Institute of Medical Sciences (Kochi campus), figure in the Stanford list for their work in the areas of polymers, nanoscience and nanotechnology.

Dr. Madhav Dutta, from Amrita School of Engineering (Coimbatore campus), has been included in the ranking for his pioneering research in the field of energy.

Dr. P. Venkat Rangan, Vice Chancellor, Amrita Vishwa Vidyapeetham, congratulated the scientists for bringing laurels to the university, which is also an Institution of Eminence. He said: “This is a momentous occasion for us as the high caliber of our scientists and researchers has been recognized on the world stage. I congratulate the four scientists whose untiring work and unwavering commitment towards research excellence have placed them in global rankings. This is ample testimony to the vision of our Chancellor, Sri Mata Amritanandamayi.”

Dr. P. Venkat Rangan added: “Amrita Vishwa Vidyapeetham is a research-intensive institution with more than 25 dedicated centers of research. Its faculty members have published over 12,000 research articles in peer-reviewed journals and conferences, attracting 65,000 citations, filed more than 120 patents, and written over 300 scholarly books in the past 15 years. The institution has secured research grants of over $100 million from various Governmental and private funding agencies including World Bank, UNESCO, UNDP, Gates Foundation, etc.”

The global study of scientists was conducted by researchers from Stanford University using the Scopus database of Elsevier. Based on several parameters including citations, h-index, co-authorship and a composite indicator, they created a database of more than 1,00,000 top-scientists of the world in various fields. The findings were published in the journal PLOS Biology.

Amrita Vishwa Vidyapeetham is among the fastest-growing institutions of higher learning in India, with a student population of more than 20,000 and 1,800-strong faculty. It has established more than 180 collaborations with the Top 500 world ranked universities in the last 15 years.

Amrita Vishwa Vidyapeetham has emerged as the 4th best university in the country in the National Institutional Ranking Framework (NIRF) Ranking 2020 released by the Government of India. It has also been ranked 7th among medical colleges in India.

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76% women aware about self-examination of breast cancer, finds Neuberg Diagnostics’ survey

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~ Lack of awareness related to ‘frequency’ and ‘best time’ for self-examination persists ~

Wednesday, October 28, 2020 : Neuberg Diagnostics – India’s fourth largest diagnostic chain– carried out a breast cancer awareness survey pertaining to self-breast examination, it’s importance and awareness on hereditary aspects of breast cancer. 70 percent of women are aware of the self-examination of breast cancer out of which 56 percent of women said that they do regular self-examination. However, 35 percent were not aware of when to start performing self-breast examination and 19 percent were unsure about what to do further if they noticed changes.
Dr. Anagha Zope, Breast Cancer Surgeon, Apollo Hospitals, Ahmedabad emphasized the need for women to start self-examination after 20 years of age and said that there is a need for women to be familiarized with their breast shape and size to detect subtle changes. While suggesting the signs women need to look for during self-breast examination, she said, “A lump in the breast or under the armpit, thickening or swelling of part of the breast, irritation on the breast skin, redness around the nipple area or breast, change in size or shape of a breast, breast pain, or blood discharge from the nipple area are some of the indicative symptoms of breast cancer.”

Dr Jayanti Thumsi, Lead Consultant – Breast Oncology, Apollo Hospitals, Bangalore recommended doing a self-examination one week after the period. She said, “The examination should be repeated at the same time every month because, during this window of the monthly cycle, the breasts are not very tender or lumpy. In the case of menopause, it is recommended to do self-examination on the same day every month.”

Dr. Arun Warrier, Medical Oncologist, Aster Medcity, Kochi emphasized the importance of getting clinically examined when you notice changes in your breast. He said, “Many women are now fearing going to the hospital due to the Corona pandemic, but it is important to catch breast cancer before it progresses. Early detection leads to better survival.” 
Discussions amongst families about medical illnesses were far and few according to survey results as more than 50 percent were unaware regarding their family history.

Dr. Udhaya Kotecha, Clinical Geneticist, Neuberg Diagnostics said, “5-10 percent of patients have breast cancer due to a change (variation) in genes associated with Hereditary Breast and Ovarian Cancer syndrome. Identifying the underlying genetic variation helps assess risk for cancers in other organs and allows informed decision-making regarding risk reduction in surgery.”

Aishwarya Vasudevan, Group Chief Operating Officer, Neuberg Diagnostics said “In recent years, there has been a spike in the number of breast cancer incidences in India. Hormonal imbalances, child-bearing age preferences, and lifestyle changes are key factors in high incidences. Early detection can improve the chances of breast cancer survival. However, early detection can only happen when an individual is aware of what to look out for!”

She added, “We found that women are becoming more aware of the self-examination, however about 35 percent are still unaware about the next steps. The only possible solution to this is seeking medical guidance which can support early diagnosis, and access to more effective treatment. This will also help in reducing the number of post-breast cancer survivals in India which is reported at 60% for Indian women, as compared to 80% in the U.S”
Remember, “The best protection is Early detection” Aishwarya says.

In this survey, more than 400 respondents from about 100 Indian cities including Mumbai, Pune, Delhi, Ahmedabad, Bangalore, Chennai, Kochi and Hyderabad had participated. The age group of respondents was 18 and above.

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Unnecessary hysterectomies leading to early menopause and osteoporosis among young women

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The incidence of early menopause has increased by 5-10% in recent years

Bengaluru / October 17, 2020 – Unnecessary hysterectomies being performed on young women in the country are leading to early onset of menopause and osteoporosis at a very early age, said Dr. Vidya V Bhat, the well-known Laparoscopic Surgeon and Fertility Specialist who is the Medical Director of RadhaKrishna Multispecialty Hospital, Bengaluru, in the run-up to the World Osteoporosis Day.

An alarming number of women today, especially in rural communities, are undergoing hysterectomy. They are getting their uterus removed surgically even in cases where the organ can be saved by opting for other medical options. Hysterectomy has in fact become the second most common surgery in women today in India after caesarean delivery. A significant number of hysterectomies done in the country are unnecessary and even unethical, said Dr. Vidya Bhat.

Dr. Vidya Bhat added: “In India, 6% of all women aged 30-49 years have undergone hysterectomy. While in Karnataka, the figure is 5.4%, in Andhra Pradesh, it is as high as 16.6%. Women, mostly from poor socio-economic backgrounds, are often coaxed into hysterectomy with the fear of cancer. In many instances, it is inappropriately recommended as the first line of treatment for minor gynaecological issues. Women without a uterus age faster. Their ovarian reserve declines and they experience early onset of menopause and symptoms of osteoporosis at an early age. Many alternative methods of treatment to hysterectomy today exist, including oral remedies, hormonal injections for excessive menstrual bleeding, and removal of just the fibroid and not the entire uterus. So women should avoid going for hysterectomy as far as possible.”

Dr. Vidya Bhat said: “The incidence of early menopause has increased by 5-10% in recent years due to causes like early hysterectomy, the fad of crash dieting, smoking, juvenile diabetes, etc. The average age of women at natural menopause is 51, but it can start earlier or later. A few women start menopause as young as 40 years, while others as late as 60 years. Women who smoke tend to have menopause a few years earlier than non-smokers. Early menopause can cause hot flushes, repeated urinary tract infections, cardiac disease, early ageing and osteoporosis. It can also lead to mental disturbances like depression, loneliness, and irritability. I recently saw a 26-year-old patient with early menopause who had undergone hysterectomy for white discharge.”

Talking about osteoporosis, Dr Vidya Bhat said that it is a condition characterized by a decrease in the density of bones. The bones become abnormally porous and compressible, much like a sponge. This in turn leads to fragile bones and frequent fractures.

Dr. Vidya Bhat said: Osteoporosis affects 200 million women worldwide. It is a silent disease that shows no symptoms in early stages. Worldwide, osteoporosis causes more than 8.9 million fractures every year, resulting in an osteoporotic fracture every 3 seconds. About 1 in every 3 women above 50 years of age will experience osteoporotic fractures in areas like spine, hips, ribs or wrists. The peak incidence of osteoporosis in the west is 70-80 years, compared to 50-60 years for India. Osteoporosis is three times more common among women than men, as they have low peak bone mass, go through hormonal changes at menopause and live longer than men.”

Dr. Vidya Bhat said that many of the factors leading to osteoporosis are preventable, such as cigarette smoking, chronic low body weight, estrogen deficiency, low intake of calcium or vitamin D, inadequate physical activity (bones need stress to maintain themselves), inadequate exposure to sunlight and recurrent falls due to slipping on the floor, etc.

The ongoing lockdown has negatively impacted osteoporosis patients due to an increase in intake of junk food, smoking and alcohol, weight gain due to physical inactivity, excessive stress and anxiety, and reduce exposure to sun due to staying indoors, Dr Vidya Bhat added.

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