Blackstone to sell $833m stake in Embassy REIT
Blackstone has plans to sell its entire 23.59 percent stake, valued at $833 million, in India’s largest REIT, Embassy Office Parks EMBA.NS, four years after it was first listed, reported Reuters.
The deal marks Blackstone’s exit from India’s first-ever listed REIT.
Blackstone has been reducing its stake in Embassy REIT progressively over the years. In September 2022, Blackstone sold $400 million in the REIT to investors including the Abu Dhabi Investment Authority.
Embassy Office Parks was India’s first REIT to list in 2019. It owns and operates more than 45.3 million square feet of office parks and office buildings in cities such as Bengaluru and Mumbai and is also the largest office REIT in Asia by area.