Blackstone Plans Divesting $480M Worth Stake In Indian REIT To Bain Capital: Report

 

  • Investment banking company Blackstone Inc BX is planning to sell half its stake in the Indian real estate investment trust Embassy Office Parks (REIT).
  • The company is in talks with the potential buyer, private equity firm Bain Capital for the same, Reuters reported.
  • The deal, if materialized would be valued at about $480 million.
  • The talks are still in a preliminary stage and a timeline or pricing has not been concluded.
  • Embassy Office Parks is India's first REIT to list in 2019, operating more than 43.2 million square feet of office space.
  • Blackstone, out of its total stake of 24% in Embassy REIT, plans to sell 10% - 12%.
  • Bain Capital, which manages more than $160 billion in assets globally, has invested more than $3 billion in India in the last decade.
  • The deal would be Bain’s first REIT investment in India.
  • As the COVID-19 pandemic tails off, the demand for office space in India is picking up fast as workers return to office.
  • Price Action: BX shares are trading higher by 1.62% at $89.25 in premarket on the last check Tuesday.
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