Blackstone Inc is slated to sell 7.7 crore units of Embassy REIT worth Rs 2,650 crore through block deals on September 27, CNBC Awaaz reported citing sources.
The offer price of the block deal stands at Rs 345 per unit, 1.82 percent lower against today's closing price of Rs 351.40 on the BSE. IIFL, BofA, and Morgan Stanley, as per report, are brokers to the deal.
Last week, Reuters reported that Blackstone Inc will sell a stake worth up to $400 million in Embassy Office Parks REIT, India's biggest real estate investment trust.
Abu Dhabi's sovereign wealth fund, one of the world's largest, is likely to pick up at least half of the stake that Blackstone is to sell, one of the sources said.
Embassy Office Parks, India's first REIT to list in 2019, owns and operates more than 42 million square feet portfolio of office parks and office buildings in cities such as Bengaluru and Mumbai. It is the largest office REIT in Asia by area.
Blackstone has invested more than $11 billion in Indian companies and assets over the years, but has been trimming its interests over time in Indian REITs.
Earlier this year, it sold its entire stake in India's Mindspace Business Parks REIT for $235 million.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
