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Blackstone-backed real estate investment trust’s successful India trading debut has left global funds including Japan’s NikkoAM-StraitsTrading Asia wanting a piece of the action.
“Eastspring Investments, North Carolina Fund, and Sentry Global are among names looking to invest in the instrument that bets on India’s rent-yielding real estate,” said Shobhit Agarwal, managing director of Anarock Property Consultants.
Blackstone Group LP-backed Embassy Office Parks REIT, the first such issuance in India, has soared about 35 per cent since its debut in March, enticing more investors for similar instruments and providing India’s cash-starved property firms a new fund-raising tool. The performance has beaten indices that track REITs in Singapore and the local BSE Realty Index of 10 developers.
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