+
Blackstone to sell a $480 million interest in Indian REIT
Real Estate

Blackstone to sell a $480 million interest in Indian REIT

According to sources, Blackstone and Bain Capital are in discussions to sell about half of Blackstone's stock in Embassy Office Parks, India's largest real estate investment trust, for up to US$ 480 million at current pricing. If a deal is reached, it would be Bain’s first REIT investment in India, where office space is luring investors as many people are returning to their places of employment as the COVID- 19 outbreak fades. As Blackstone modifies its portfolio, it would entail a further sell-down of its Embassy investment.

The negotiations are still in the beginning stages. The first source with firsthand knowledge of the subject stated that the aim is to carry out the purchase through block trades on Indian stock exchanges in the upcoming weeks, though a timetable or pricing have not been decided. India's first REIT to list was Embassy Office Parks in 2019. It is the largest office REIT in Asia and owns and runs office parks and buildings having more than 43.2 million square feet in locations like Bengaluru and Mumbai. Currently, Blackstone owns 24% of Embassy REIT, which has a market capitalisation of USD 4 billion. According to the sources, the private equity group intends to sell 10-12% of it.

The largest office rental growth in the Asia-Pacific market between October and December, according to Knight Frank, was seen in Bengaluru and Mumbai. The company also predicted that office rents in Indian cities will rise over the coming year. Over the past ten years, Bain Capital, which oversees more than USD 160 billion in assets globally, has invested more than USD 3 billion in India, including in the country's top private lender Axis Bank.

According to sources, Blackstone and Bain Capital are in discussions to sell about half of Blackstone's stock in Embassy Office Parks, India's largest real estate investment trust, for up to US$ 480 million at current pricing. If a deal is reached, it would be Bain’s first REIT investment in India, where office space is luring investors as many people are returning to their places of employment as the COVID- 19 outbreak fades. As Blackstone modifies its portfolio, it would entail a further sell-down of its Embassy investment. The negotiations are still in the beginning stages. The first source with firsthand knowledge of the subject stated that the aim is to carry out the purchase through block trades on Indian stock exchanges in the upcoming weeks, though a timetable or pricing have not been decided. India's first REIT to list was Embassy Office Parks in 2019. It is the largest office REIT in Asia and owns and runs office parks and buildings having more than 43.2 million square feet in locations like Bengaluru and Mumbai. Currently, Blackstone owns 24% of Embassy REIT, which has a market capitalisation of USD 4 billion. According to the sources, the private equity group intends to sell 10-12% of it. The largest office rental growth in the Asia-Pacific market between October and December, according to Knight Frank, was seen in Bengaluru and Mumbai. The company also predicted that office rents in Indian cities will rise over the coming year. Over the past ten years, Bain Capital, which oversees more than USD 160 billion in assets globally, has invested more than USD 3 billion in India, including in the country's top private lender Axis Bank.

Next Story
Infrastructure Energy

Tata Power, Suzlon Ink Rs 60 Billion Wind Energy Deal in Andhra

Tata Power has signed an agreement with Suzlon Energy to develop, construct, and supply 700 megawatt (MW) wind turbines in Andhra Pradesh. The Rs 60 billion project forms part of a 7 gigawatt (GW) renewable energy plan announced by Tata Power Renewable Energy (TPREL) and the state government in March 2025.This marks the first wind energy project in the state since 2019. The larger 7 GW programme, covering solar, wind, and hybrid projects with or without storage, is expected to attract investments of around Rs 490 billion, making it one of the state’s largest clean energy commitments.The turb..

Next Story
Infrastructure Transport

Odisha Approves Rs 12.6 Billion For 32 New Bridges

Odisha is set for a major infrastructure boost with the approval of 32 new bridges under the Setu Bandhan Yojana for FY 2025–26. The project, valued at Rs 12.6 billion, is aimed at improving road connectivity across ten districts, enhancing mobility and driving local development.The bridges will be constructed in Bolangir, Subarnapur, Nayagarh, Sambalpur, Malkangiri, Bargarh, Koraput, Jagatsinghpur, Cuttack, and Puri. Many of these areas are rural or located in difficult terrains, where improved accessibility will greatly benefit the transportation of goods and public mobility.Setu Bandhan Y..

Next Story
Infrastructure Transport

UP Plans Rs 350 Billion Gorakhpur–Shamli Expressway

Uttar Pradesh is preparing to build its largest expressway, a 700-km six-lane project that will surpass the 570-km Ganga Expressway from Meerut to Prayagraj. Designed as a greenfield project, the Gorakhpur–Shamli Expressway will cut travel time between eastern and western Uttar Pradesh to just six hours, transforming regional connectivity.The expressway will pass through 22 districts and 37 tehsils, bringing faster travel and significant economic benefits, including higher land values for farmers and employment opportunities during and after construction. A drone survey to map the route is e..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?