Blackstone exit likely to ease selling pressure in India's Embassy REIT - Kotak

Embassy Office Parks REIT

21/12/2023 09:48

** Private Equity firm Blackstone Group's exit from Embassy
Office Parks REIT  EMBA.NS  will likely end selling pressure in
stock, Kotak Institutional Equities said
    ** Blackstone sold its 23.59% stake in EMBA via secondary
market on Wednesday 
    ** Blackstone had been reducing its stake in Embassy REIT
since time of the listing at regular intervals, at discounts to
the market price - brokerage
    ** Stake sale likely brings an end to such liquidity events
in the medium term and brings back focus to the business
fundamentals - Kotak
    ** Adds business fundamentals have been improving, recent
amendment of floor-by-floor de-notification of SEZ spaces will
likely help Embassy REIT lease out
    ** Keeps "add," revises fair value to 360 rupees per unit
from 345 rupees
    ** EMBA down 1.1% at 328.7 rupees; 2% lower YTD 

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))