Blackstone Plans To List Its $2.5B Indian Shopping Mall Portfolio Next Year

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  • According to BloombergBlackstone Inc BX plans to go public with its $2.5 billion Indian shopping mall portfolio. The IPO may raise $500 million, and the REIT could be listed in early 2023. 
  • Blackstone is planning to file for the IPO as soon as next month, Bloomberg reported citing people familiar with the matter.
  • The private equity firm has been interviewing advisers for the Mumbai listing of a real estate investment trust. 
  • Blackstone's Indian retail portfolio, held through its Nexus Malls unit, could be valued at about $2.5 billion.
  • Blackstone is India's most prominent commercial real estate firm and backed Embassy Office Parks REIT, the first property trust to conduct an IPO in India.
  • Nexus Malls consists of 17 shopping centers across 13 Indian cities. 
  • Blackstone also acquired seven malls from Prestige Estate Projects in 2020. 
  • Sources close to the matter say that the investment firm is in talks with advisers and is still in the early stages of an IPO filing. 
  • Price Action: BX shares traded lower by 2.59% at $96 premarket on the last check Monday.
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