 "Blackstone, investment, real estate")
Global fund Blackstone has sold its entire 23.5 per cent stake in Embassy Office Parks REIT for around Rs 7,100 crore through block deal on stock exchanges, sources said.
The company sold its units at around Rs 316 per share, sources said.
Some of the existing unitholders have participated in the block deal. SBI Mutual Fund is a new investor, they added.
Embassy Office Parks REIT is India's first Real Estate Investment Trust (REIT) sponsored by global investment firm Blackstone and Bengaluru-based realty firm Embassy group. It got listed in 2019 after raising around Rs 5,000 crore through public issue.
Last year, Blackstone raised around USD 325 million (about Rs 2,650 crore) by selling its shares in Embassy Office Parks REIT.
Also Read
Post this deal, Blackstone's stake came down to 24 per cent from around 32 per cent earlier.
Embassy REIT owns and operates a 45.3 million square feet portfolio of nine infrastructure-like office parks and four citycentre office buildings in Bengaluru, Mumbai, Pune, and the National Capital Region (NCR).
Embassy REIT's portfolio comprises 35.3 million square feet of completed operating area.
Blackstone launched two office REITs in India - Embassy REIT and Mindspace REIT. It has already exited Mindspace REIT.
It has also sponsored retail assets backed REIT 'Nexus Select Trust' which got listed this year.
