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Home STOCKS Blackstone sells 8.7% stake in Embassy Business office Parks REIT for $300...

Blackstone sells 8.7% stake in Embassy Business office Parks REIT for $300 million

MUMBAI: The Blackstone Team elevated in excess of $300 million (Rs 2,270 crore) by providing an 8.7% stake in Embassy Office Parks REIT by means of block discounts.
About 14 traders which includes domestic and international funds such as CI Investments, Capital Group and Nomura Asset Administration picked up the US private equity firm’s stake in India’s maiden and only shown REIT. Some investors increased their stake in the REIT through the bargains on Wednesday. A Canadian hedge fund is also among the the new entities that bought the stake.
“The offer was upsized provided the demand for units worthy of $500 million. The fund before planned to increase about $250 million as a result of this transaction,” said a single human being acquainted with the development.
The transaction took put at Rs 341 for each unit, although the scrip was at Rs 356.27 at the conclude of the trading session.
“We proceed to be big believers in India and its prospective. We have significant self esteem in the office sector and Embassy REIT, supplied expanding demand from domestic and world businesses for Indian talent, significantly in engineering hubs like Bangalore,” reported Jonathan Grey, main working officer, Blackstone. “This transaction assists diversify institutional ownership and boost liquidity. We stay the biggest shareholder of Embassy REIT and are rather optimistic about its potential.”
In April 2019, the REIT had elevated Rs 4,750 crore by way of an IPO and stated its units at Rs 300.
“The documented transaction substantially increases Embassy REIT’s public float, improves liquidity and diversifies our trader base. The participation from world-wide traders demonstrates the continuing attractiveness of the REIT solution to existing and new investors as nicely as the energy and resilience of our organization,” mentioned an Embassy REIT spokesperson.
Subsequent the partial stake sale, Blackstone will keep a 46.3% stake in Embassy Business Parks REIT. The proceeds of the transaction will be used to return cash to contributors in Blackstone’s close-finished fund that experienced invested in the REIT.
Blackstone is the biggest landlord in India and has deployed around $8 billion in the country’s commercial genuine estate.

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