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Sign in Sign up for a FREE subscriptionBlackstone-backed REIT seeks $678m in India IPO
Real estate company Embassy Group has plans to launch the country’s much-awaited first REIT soon and to raise around Rs 4,750 crore ($678 million).
The initial public offering (IPO) of Embassy Office Parks REIT opens on March 18 and closes on March 20.
Embassy Office Parks, a joint venture between the Bengaluru-based property developer and private equity firm Blackstone, has put 33 million square feet of office and hospitality assets under its proposed REIT comprising of seven business parks and four city-centric buildings spread across Mumbai, Bengaluru, Pune and Noida.
In a pre-listing fundraising exercise, funds of U.S.-headquartered financial services giant Capital Group, comprised of American Funds Insurance Series-New World Fund, New World Fund, Inc. and Smallcap World Fund, have committed to put in Rs 872 crore ($125 million).
