Blackstone has launched a deal to sell some of its units in Embassy Office Parks REIT and raise around $300 million, three persons with knowledge of the transaction told Moneycontrol.
Embassy Office Parks REIT launched an initial public offering (IPO) and debuted in the stock market in April 2019. It was backed by Blackstone and Bengaluru-based Embassy Property Development Pvt. Ltd., and it owns a portfolio comprising seven office parks and four prime city-center office buildings, totaling 33.3 million square feet as of March 31. Embassy has invested in high-quality Indian assets in Bengaluru, Pune, Mumbai and Noida.
