+
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

Related Stories

Gold Stories

Next Story
Products

Interio by Godrej launches modular workplace solutions

Interio by Godrej has launched Workscapes, a modular workplace solutions category designed to help organisations configure and adapt workspaces to changing requirements. The portfolio combines mobile and compatible furniture and support elements that can be rearranged across different work modes without changes to fixed layouts.Workscapes includes Collaboration Tables, Privacy Solutions, Mobile Markerboards and Space Dividers, Power Solutions, Storage and Support Elements, Meeting and Presentation Tools, and Seating Elements. The range is designed for focused work, collaboration, informal disc..

Next Story
Infrastructure Urban

CAFE-III Gives Auto Industry Investment Clarity

The government’s new Corporate Average Fuel Economy (CAFE-III) norms have provided the automobile industry with a clearer framework for technology investments, according to industry representatives. The framework seeks to balance environmental objectives with flexibility for manufacturers while encouraging the adoption of flex-fuel vehicles and biofuels. Society of Indian Automobile Manufacturers (SIAM) President Shenu Agarwal said the five-year framework would give automakers greater predictability to plan investments and accelerate innovation. He said the regulation established annual targ..

Next Story
Infrastructure Energy

Mines Ministry to Auction Two Offshore Mineral Blocks in Andaman Sea

The Ministry of Mines will launch an auction of two offshore mineral blocks in the Andaman Sea on Thursday, seeking to unlock India’s offshore mineral potential and strengthen long-term mineral resource security. The blocks will be offered under a composite licence, which permits exploration and development activities in accordance with the applicable regulatory framework. The ministry said the auction was intended to encourage systematic exploration, attract investment and promote the use of advanced technologies for offshore mineral exploration and development. The initiative is also aimed..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code