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Blackstone sells 6% stake in Embassy Office Parks REIT, raises over Rs 2,020 crore

MUMBAI: International non-public fairness main Blackstone Group has trimmed its stake in real estate investment trust (REIT) Embassy Workplace Parks REIT by way of block offers within the open market on Wednesday.

The institutional investor has raised $275 million or over Rs 2,025 crore by promoting round 6 per cent stake within the listed entity. The offers have resulted in lowering Blackstone’s holding within the REIT to 32 per cent from earlier 38 per cent.

Previous to this, Blackstone had $1.7 billion value publicity in Embassy Workplace Parks REIT.

Blackstone has offered round 57 million shares of Embassy Office Parks REIT at Rs 355.2 per unit, whereas the scrip closed the session at Rs 355.84.

Institutional traders and funds together with BNP Paribas Arbitrage, American Funds International Balanced Fund, Stichting Depositary APG Tactical Actual Property Pool and Built-in Core Methods (Asia) are among the many key entities which have purchased these REIT models in block trades.

ET has already reported that Blackstone is at the moment in superior dialogue to accumulate visa processing agency VFS International for over $1 billion.

Co-sponsored by the Blackstone Group and Embassy Group, Embassy Workplace Parks REIT is India’s first REIT that listed in April 2019.

That is the second time Blackstone has reduce its publicity within the REIT by way of open market block offers. In June 2020, it had raised over $300 million by promoting an 8.7 per cent stake within the listed entity. The proceeds of this transaction have been utilised to return cash to contributors in Blackstone’s close-ended fund that had invested within the REIT.

Following the partial stake sale final yr, Blackstone held a 46.3 per cent stake in Embassy Workplace Parks REIT.

In December, Blackstone and Embassy offered Embassy TechVillage, an built-in workplace park in Bangalore, to Embassy Workplace Parks REIT. Aside from this, a fundraising train by the REIT by way of a Certified Institutional Placement (QIP) in December had lowered Blackstone’s holding within the REIT to 38 per cent from over46 per cent.

Embassy REIT owns and operates a 42.4 million sq ft portfolio of eight infrastructure-like workplace parks and 4 metropolis‑centre workplace buildings in India’s key workplace markets of Bangalore, Mumbai, Pune, and the Nationwide Capital Area.

Its portfolio includes 32.3 million sq ft accomplished working space and counts over 190 international firms as occupiers.

Blackstone is the most important workplace, retail and warehousing landlord in India and has deployed over $11 billion within the nation’s business actual property to date. Blackstone’s total asset underneath administration is over $50 billion together with actual property and personal fairness holdings.

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