The Blackstone Global Fund on Tuesday raised about $325 million (about Rs 2,650 crore) by selling its stake in the Parks REIT Embassy Office to raise money on a portion of its investment, according to a statement. news sources.
The Embassy REIT Office is the country’s first Real Estate Investment Fund (REIT), set up last year by the Embassy real estate group and global investment firm Blackstone to raise nearly 5,000 Rs crore. REITs are listed on the stock exchange.
According to sources, Blackstone has raised $325 million (Rs 2,650 crore) by selling 7.7 crore shares/unit in REIT to institutional investors via block trades for Rs 345. / shares.
Following the deal, Blackstone’s stake will drop to 24% from about 32% previously.
According to sources, the Abu Dhabi Investment Authority (ADIA) and Kotak have purchased shares in the block deal. ICICI Prudential, HDFC Life and Kotak Mutual Fund were among other buyers.
The Embassy Group holds about 15% of the shares.
When contacted, Blackstone declined to comment.
This is the third time Blackstone has monetized its investment in the Ambassador REIT.
Blackstone has emerged as the most dynamic institutional investor in India with an estimated $60 billion in assets under management across various sectors, making it one of the top 10 business groups in the world. this country.
Real estate accounts for nearly $22 billion in this market value across more than 40 investments.
Blackstone is the largest office owner in India with an office portfolio of approximately 100 million square meters across 38 properties in 7 cities. Of these, about 13 million square meters of office space are under construction and 16 million square meters are for future development.
It created the Nucleus Office Parks platform with 22 million sq ft to host 100% owned commercial properties.
The Global Fund also owns more than 10 million square feet of retail space in its Nexus Mall portfolio and 35.5 million square feet in logistics space in its Horizon Industrial Park and Greenbase Industrial and Logistics Park portfolio.
The market value of Blackstone’s investments in Indian Real Estate is approximately $22 billion.
Blackstone has launched two REITs in the country – Ambassador REIT and Mindspace REIT. It has exited the Mindspace REIT.
Embassy REIT is India’s first publicly listed Real Estate Investment Fund. It owns and operates a 42.8 million square foot portfolio of 8 infrastructure office parks and 4 downtown office buildings in some of the country’s best performing office markets. India is Bengaluru, Mumbai, Pune and the National Capital Region (NCR).
Its portfolio includes 33.8 million square feet of completed operational area. The portfolio also includes strategic amenities, including four operating business hotels, two hotels under construction and a 100 MW solar park providing renewable energy to tenants.