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Mumbai: Blackstone Special Purpose Vehicles (SPVs) is set to sell its entire stake in Embassy Office Parks REIT in block deals worth ₹6,931.5 crore on Wednesday. The floor price of the deal will be ₹310 apiece, a 7.7% discount to the closing price on Tuesday.
Blackstone Sponsor Group will sell 22.35 crore shares, which comprises 23.59% of the total REIT units outstanding as of Sept 30. The buyers in the deal are not known yet.
IIFL Securities and Kotak Securities are advisors to the deal.
Embassy Office Park is India’s first publicly listed Real Estate Investment Trust listed in 2019, co-sponsored by Embassy Group and Blackstone Group. Embassy Office Park REIT shares gained 3.29% on Tuesday to close at ₹335. The company’s share price has advanced 5.43% in the past one month. – Our Bureau
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