Blackstone Group sells over 5.7 cr units in Embassy Office Parks REIT
Real Estate

Blackstone Group sells over 5.7 cr units in Embassy Office Parks REIT

According to sources, Blackstone Group sold its 5.7 crore units worth over Rs 2,000 crore in Embassy Office Parks real estate investment trust (REIT) as a strategy to monetise part of its investment.

The first real estate investment trust in the country is Embassy REIT, which is sponsored by realty firms Embassy Group and Blackstone Group.

In April 2019, Embassy Office Parks RETI got listed on the stock exchange market after raising about Rs 5,000 crore through a public issue.

As per Bombay Stock Exchange (BSE) data, Blackstone has sold about 2.73 crore units at Rs 355 per unit, making nearly Rs 969 crore.

Blackstone Group had sold its 5.7 crore units via multiple trading on stock exchanges and raised nearly Rs 2,025 crore, said the sources.

All the trades were not counted as bulk deals because some of them were below the threshold limit for such classifications.

Sources told the media that a total of 14 entities of Blackstone sold 5.7 crore units for Rs 2,025 crore.

On Wednesday, Embassy REIT's price declined by 4.76% to Rs 355.84 per unit on the BSE.

Embassy Group has about a 12% stake. It is estimated that after the deal, Blackstone's unitholding will fall by about 6% to 32%.

Last year in June 2020, Blackstone Group had raised nearly Rs 2,270 crore by selling its shares in Embassy Office Parks REIT.

Blackstone Group has deployed over $12.5 billion in the Indian real estate market.

Apart from Embassy Office Parks REIT, Blackstone has sponsored the second REIT of the country, Mindspace Business Parks REIT.

This year, the company acquired the office, retail business, hospitality portfolio of Prestige Group, a realty firm.

Currently, in India, Blackstone has more than $50 billion of assets under management.

Image Source


Also read: Tarc sells two assets worth Rs 295 crore to Blackstone

Also read: Blackstone to acquire Home Partners for $6 billion

According to sources, Blackstone Group sold its 5.7 crore units worth over Rs 2,000 crore in Embassy Office Parks real estate investment trust (REIT) as a strategy to monetise part of its investment. The first real estate investment trust in the country is Embassy REIT, which is sponsored by realty firms Embassy Group and Blackstone Group. In April 2019, Embassy Office Parks RETI got listed on the stock exchange market after raising about Rs 5,000 crore through a public issue. As per Bombay Stock Exchange (BSE) data, Blackstone has sold about 2.73 crore units at Rs 355 per unit, making nearly Rs 969 crore. Blackstone Group had sold its 5.7 crore units via multiple trading on stock exchanges and raised nearly Rs 2,025 crore, said the sources. All the trades were not counted as bulk deals because some of them were below the threshold limit for such classifications. Sources told the media that a total of 14 entities of Blackstone sold 5.7 crore units for Rs 2,025 crore. On Wednesday, Embassy REIT's price declined by 4.76% to Rs 355.84 per unit on the BSE. Embassy Group has about a 12% stake. It is estimated that after the deal, Blackstone's unitholding will fall by about 6% to 32%. Last year in June 2020, Blackstone Group had raised nearly Rs 2,270 crore by selling its shares in Embassy Office Parks REIT. Blackstone Group has deployed over $12.5 billion in the Indian real estate market. Apart from Embassy Office Parks REIT, Blackstone has sponsored the second REIT of the country, Mindspace Business Parks REIT. This year, the company acquired the office, retail business, hospitality portfolio of Prestige Group, a realty firm. Currently, in India, Blackstone has more than $50 billion of assets under management. Image Source Also read: Tarc sells two assets worth Rs 295 crore to Blackstone Also read: Blackstone to acquire Home Partners for $6 billion

Next Story
Real Estate

Mahindra Lifespaces Bags Rs 12.5 billion Redevelopment in Mulund

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has been appointed as the preferred developer for the redevelopment of a premium housing society in Mulund (West), Mumbai. The project will be developed across a 3.08-acre land parcel, with an estimated development value of approximately Rs 12.5 billion. Strategically located, the site enjoys proximity to major connectivity points—just 1.4 km from the upcoming Mumbai Metro Line 5 and 0.8 km from the Goregaon-Mulund Link Road. It also offers seamless access to the Eastern Expre..

Next Story
Infrastructure Urban

Snowman Adds Warehouses in Kolkata and Krishnapatnam

Snowman Logistics, India’s leading integrated temperature-controlled logistics company, has announced the commencement of operations at its two new state-of-the-art, owned cold storage facilities in Kolkata and Krishnapatnam. With these additions, the company’s total pallet capacity has reached 1,50,754, spanning 43 warehouses in 20 cities across the country. The newly operational Kolkata facility offers a storage capacity of 5,630 pallets, while the Krishnapatnam facility holds 3,927 pallets. These warehouses are equipped with advanced automation and infrastructure designed to enhanc..

Next Story
Resources

Noesis Enables IHCL Hotel Deal in Udupi–Manipal Corridor

NOESIS Capital Advisors, India’s leading hotel investment advisory firm, has successfully facilitated a landmark hospitality transaction in the Udupi–Manipal region of Karnataka. The deal involves the acquisition of a nearly completed, 130-key upscale hotel that will operate under one of the premium brands of IHCL, reinforcing NOESIS’ position as a preferred partner for strategic hospitality transactions across India. Strategically located on the Udupi–Manipal Highway, the 1.03-acre property will cater to business travellers, pilgrims and families visiting Manipal University. With..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?