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Blackstone and K Raheja to list India’s second REIT next year
Investors - SEPTEMBER 9, 2019

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Blackstone and K Raheja to list India’s second REIT next year

by Andrea Zander

Blackstone Group has plans to form a partnership with India’s second-largest developer of commercial parks, K Raheja Corp., and launch a second REIT following Blackstone’s first REIT, Embassy Office Parks with Embassy Group, reported media sources.

The listing is expected to take place in 2020–2021.

In this REIT, the stake of Blackstone Group will be 15 percent, while K Raheja Corp. will hold the remaining 85 percent.

In 2017, Blackstone Group acquired 15 percent stake in K Raheja Corp.’s select commercial income-producing office portfolio. The jointly owned 20 million square feet of commercial real estate includes class A office spaces spread across eight information technology parks in cities including Mumbai Metropolitan Region (MMR), Pune, Hyderabad, Bengaluru and Chennai.

According to a latest report by JLL India, the country’s commercial real estate market has 294 million square feet of office space that can be potentially pooled in REITs.

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