Embassy Office Parks, India’s largest real estate investment trust, plans to raise Rs. 25 billion ($300 million) to pay off debt and finance the purchase of an integrated office park.

The funds will be used to lower portfolio leverage from 30% to 27% and finance the purchase of an integrated business park in Chennai for Rs. 12.69 billion.

The announcement follows a surge in office leasing in India due to the COVID-19 pandemic, despite the rise in hybrid working styles.