Blackstone to sell $833 mln stake in Embassy REIT- document
19/12/2023 13:49
By M. Sriram
Dec 19 (Reuters) - Blackstone Inc. BX.N will sell its
entire 23.59% stake valued at $833 million in India's largest
real estate investment trust Embassy Office Parks EMBA.NS ,
four years after it was first listed, according to a term sheet
seen by Reuters and a person with direct knowledge.
Blackstone will sell 223.6 million units of Embassy REITs,
in one of the biggest block deals this year, at a 7.7% discount
to 335.75 rupees per unit price as of Dec. 19, according to the
term sheet. The units will be sold via block deals in the
secondary market.
The deal marks Blackstone's exit from India's first ever
listed REIT. The U.S. based investment manager has been trimming
its interest over time in Indian REITs. In 2022, it sold its
entire stake in India's Mindspace Business Parks REIT MINS.NS
for $235 million.
Blackstone has been reducing its stake in Embassy REIT
progressively over the years. In September 2022, Blackstone sold
$400 million in the REIT to investors including the Abu Dhabi
Investment Authority.
Embassy Office Parks was India's first REIT to list in 2019.
It owns and operates more than 45.3 million square feet of
office parks and office buildings in cities such as Bengaluru
and Mumbai and is also the largest office REIT in Asia by area.
A spokesperson for Blackstone, and Bengaluru-based Embassy
did not immediately respond to emails from Reuters seeking
comment. Investment bankers to the deal Kotak Securities and
IIFL Securities did not respond to request for comment.
(Writing by Dhwani Pandya; editing by David Evans)
((dhwani.p@thomsonreuters.com;))