Blackstone raises around Rs 2,270 crore from stake sale in Embassy Office Parks REIT | ET Realty
Embassy Office Parks REIT is the country’s first Real Estate Investment Trust (REIT), which was launched last year by realty firm Embassy group and global investment firm Blackstone to raise nearly Rs 5,000 crore.
NEW DELHI: Global fund Blackstone on Wednesday raised around USD 300 million (about Rs 2,270 crore) by selling its shares in Embassy Office Parks REIT to monetise part of its investment, sources said. Blackstone was targeting to raise up to USD 257 million (around Rs 1,950 crore), but increased the size of its offer on account of increased demand from institutional investors.
Embassy Office Parks REIT is the country’s first Real Estate Investment Trust (REIT), which was launched last year by realty firm Embassy group and global investment firm Blackstone to raise nearly Rs 5,000 crore. The REIT is listed on the stock exchange.
Blackstone to part-sell Embassy REIT stake | LIVEMINT
- Blackstone aims to sell Embassy Office Parks REIT units worth $257 million through a block trade
- The trade is happening in a price band of ₹340-350 per unit, which is a discount of 3.5-6.7% to the closing price of Tuesday
MUMBAI : Blackstone, the world’s largest alternative assets manager, aims to sell Embassy Office Parks REIT units worth $257 million through a block trade, said two people requesting anonymity.
“The trade is happening in a price band of ₹340-350 per unit, which is a discount of 3.5-6.7% to the closing price of Tuesday,” said one of the persons mentioned above. The sale represents a 7% stake of the real estate investment trust (REIT). At present, Blackstone holds a 55% stake in the REIT.
Blackstone chose not to comment.
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