Blackstone has bought its complete 23.5% stake in Embassy Workplace Parks REIT for ₹7,100 crore ($850 million) at ₹316.10 a unit, sources mentioned.
The acquirers included present buyers Capital Group, Constancy, Bain Capital, ICICI Mutual Fund, HDFC Mutual Fund and SBI Mutual Fund, who’ve develop into new buyers.
The commerce value was barely increased than the ground value of ₹310 however at a reduction to the present market value of ₹335.
With this transaction Blackstone has totally exited its funding in Embassy REIT, which was listed on the bourses in 2019 as the primary REIT within the nation. In 2022 it exited Mindspace Enterprise Parks REIT, the place was been one of many sponsors.
The PE agency had been negotiating with Bain Capital earlier this 12 months to promote its stake in Embassy REIT however couldn’t agree on the pricing and valuation.
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