Companies

Blackstone looks to sell a small stake in Embassy REIT

Our Bureau Mumbai | Updated on June 24, 2020 Published on June 23, 2020

Private equity firm Blackstone is planning to sell its stake worth $250-300 million in Bengaluru-based Embassy Office Parks REIT through a block trade.

Sources told BusinessLine that bankers have been appointed by Blackstone to carry out the deal.

Embassy Office Parks REIT has about 33 million sq ft of commercial assets. The REIT has been able to consistently maintain an occupancy rate of 93-94 per cent prior to the Covid-19 pandemic across its key office markets in the country — Bengaluru, Mumbai and Pune . Blackstone owns 55 per cent stake in the REIT.

Sources said that the private equity company may dilute about 5-7 per cent stake in the Indian REIT.

This comes even as the real estate sector is trying to find a new normal post the pandemic. With many companies allowing work from home, the commercial real estate space is also on uncertain grounds.

Published on June 23, 2020
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