US-based private equity major Blackstone Group will sell up to 77 million units of Embassy Office Parks REIT, constituting 8.12% of total units outstanding as of June 30, 2022, through block deals on Tuesday, according to the term sheet issued by the bankers BofA Securities India, Morgan Stanley India, and IIFL Securities.
The transaction would fetch the private equity firm around $ 325 million or Rs 2,660 crore at the floor price. The floor price has been fixed at Rs 345 per unit, a discount of 1.66% to Monday’s closing price of Rs 350.82.
Abu Dhabi Investment Authority (ADIA), the sovereign fund of Abu Dhabi, is believed to be participating in these block deals and picking up a stake worth $200 million in the REIT.
In September 2021, the global private equity major also sold around a 6% stake in Embassy Office Parks to raise around $275 million. The transactions reduced Blackstone’s stake in the REIT to 32%, from 38%.
Co-sponsored by the Blackstone Group and Embassy Group, Embassy Office Parks REIT is India’s first REIT listed in April 2019.
