US non-public fairness agency Blackstone plans to exit its holding in Embassy Workplace Parks REIT for ₹6,931.5 crore ($833 million) in a block deal on December 20.
Based on the term-sheet seen by businessline, Blackstone-sponsored particular objective autos can be promoting 22.4 crore items or 23.59 per cent stake in Embassy REIT, the nation’s first REIT to be listed.
The ground value for the deal is ₹310 a share, which is at a 7.7 per cent low cost to the closing value of Embassy REIT on Tuesday.
Blackstone, which held a stake of 55.3 per cent within the REIT in June 2019, has been paring its stake over time by strategic gross sales.
Talks with Bain Capital
This 12 months, it has been trying a full exit however couldn’t discover the best value. In January, talks with Bain Capital for a attainable stake-sale floundered on valuations. Blackstone India officers additionally instructed businessline on two events in the course of the 12 months that it was not the best time to exit as a result of the value was not proper.
The REIT’s items listed at ₹314.10 in 2019 with modest itemizing good points and reached a excessive of ₹512 in March. It’s presently buying and selling at ₹335.75 on the NSE. It has fallen 3.8 per cent over a 52-week interval to this point and is down 13.7 per cent over a three-year interval.
IIFL Securities and Kotak Securities are the bookrunners to the deal.
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