Blackstone's exit lifts India's Embassy REIT free float to 92% - Morgan Stanley

Embassy Office Parks REIT

22/12/2023 09:27

** Private equity firm Blackstone Group's exit from Embassy
Office Parks REIT  EMBA.NS  increases EMBA's free float to 92%
from 69%, boosting overall stock trading volume, Morgan Stanley
says
    ** Blackstone sold its 23.59% stake in EMBA via secondary
market on Wednesday
    ** The new Special Economic Zone (SEZ) rule is expected to
have a positive impact on EMBA's occupancy and contribute to
better-than-expected growth in Net Operating Income (NOI) and
Distribution per Unit (DPU)- brokerage
    ** Maintains "Overweight," with TP of 370 rupees
    ** EMBA's stock performance lagged behind peers and broader
market index after Blackstone sold its stake in Mindspace REIT
in January 2022 - brokerage 
    ** EMBA down 3.6% YTD

 (Reporting by Navamya Ganesh Acharya)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))