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Blackstone exits Embassy REIT; sells complete 23.5% stake for Rs 7,100 cr
World fund Blackstone has offered its complete 23.5 per cent stake in Embassy Workplace Parks REIT for round Rs 7,100 crore by means of block deal on inventory exchanges, sources stated.
The corporate offered its models at round Rs 316 per share, sources stated.
Among the current unitholders have participated within the block deal. SBI Mutual Fund is a brand new investor, they added.
Embassy Workplace Parks REIT is India’s first Actual Property Funding Belief (REIT) sponsored by international funding agency Blackstone and Bengaluru-based realty agency Embassy group. It obtained listed in 2019 after elevating round Rs 5,000 crore by means of public situation.
Final yr, Blackstone raised round USD 325 million (about Rs 2,650 crore) by promoting its shares in Embassy Workplace Parks REIT.
Put up this deal, Blackstone’s stake got here all the way down to 24 per cent from round 32 per cent earlier.
Embassy REIT owns and operates a forty five.3 million sq. toes portfolio of 9 infrastructure-like workplace parks and 4 citycentre workplace buildings in Bengaluru, Mumbai, Pune, and the Nationwide Capital Area (NCR).
Embassy REIT’s portfolio contains 35.3 million sq. toes of accomplished working space.
Blackstone launched two workplace REITs in India – Embassy REIT and Mindspace REIT. It has already exited Mindspace REIT.
It has additionally sponsored retail property backed REIT ‘Nexus Choose Belief’ which obtained listed this yr.
(Solely the headline and movie of this report could have been reworked by the Enterprise Customary employees; the remainder of the content material is auto-generated from a syndicated feed.)
First Printed: Dec 20 2023 | 1:05 PM IST
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