Embassy OfficeParks REIT leases office space to Nokia

India’s first listed REIT, Embassy OfficeParks REIT has leased around one million q ft of office space in Embassy Manyata Business Park, Bengaluru to Nokia Solutions and Networks India Private Limited (“Nokia India”), Indian subsidiary of the Finland based telecom giant Nokia.

According to sources in the market, Nokia has a presence in the business park for around a decacde and had a portion of its lease agreement getting expired. “The renewal will see Nokia paying a rent of around Rs 95 per sq ft instead of Rs 68 earlier. The deal includes a ten years lock-in from the date of renewal,” said one of the source.