Blackstone Plans Exit From Embassy Office Parks REIT Via Mega Block Deal
Blackstone had made a partial exit from Embassy REIT in September last year.
Blackstone Inc, which holds a large office portfolio in India, is looking to sell its entire 23.5% stake in Embassy Office Parks REIT via a mega block deal on Wednesday.
The floor price is set as Rs 310 per share, which is at over 7% discount from its Tuesday's closing price of Rs 335 apiece on the BSE. Kotak Mahindra Capital and IIFL Capital are the advisors of the proposed deal, according to people with knowledge of the matter, who spoke on condition of anonymity.
Blackstone, a sponsor of the Embassy REIT, has been eyeing to sell its remaining stake in the company since the start of the year. They feel it is the right time to make the exit, given the current market scenario, said one of the people quoted above.
The U.S.-based asset manager had made a partial exit from Embassy REIT in September 2022, when it had sold 8% stake through open market block deals.
Embassy was the first listed real estate investment trust in India, which made its market debut in April 2019. The stock is down 0.7% year-to-date, as compared with an around 17% rise in the benchmark BSE Sensex.
Blackstone was also a sponsor to Mindspace Business Parks REIT and had sold its entire 9.2% stake in the listed office REIT to sovereign wealth fund Abu Dhabi Investment Authority in January 2022.
The global private equity firm is also a sponsor of the recently listed retail REIT Nexus Select Trust via its portfolio company Wynford Investments Ltd.