Middle East-based sovereign wealth fund Abu Dhabi Investment Authority (ADIA) has launched a block deal with an offer size of up to $225 million, targeting a complete exit from Mindspace Business Parks REIT (real estate investment trust), multiple industry sources in the know told Moneycontrol.
"This is a clean-up trade and ADIA is seeking a full exit after making an entry in January 2022. The indicative floor price is Rs 350 per unit," said one of the persons cited above.
At the end of day's trade on December 16, Mindspace Business Parks REIT closed 1.1% lower at Rs 363.80 per unit.
ALSO READ: Blackstone exits Mindspace REIT; sells post-IPO stake to Abu Dhabi Investment Authority
"The plan is to sell around 9.2% stake held by an ADIA entity. Kotak Mahindra Capital is the investment banker on the proposed transaction," a second person told Moneycontrol.
Both persons above spoke to Moneycontrol on the condition of anonymity.
An email query has been sent to ADIA but it couldn't be reached for an immediate comment. Moneycontrol could also not reach Mindspace REIT and Kotak Mahindra Capital. This article will be updated as soon as we hear from these parties.
Mindspace, backed by K Raheja Corp and Blackstone, became the second real estate trust to be listed on the Indian bourses in September 2021, after Embassy Office Parks REIT. The firm's unit price has risen by nearly 14% in the last one year.
This is a breaking news story and will be updated shortly
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