embassy office parks reit: Blackstone to sell 77 m units of Embassy REIT via block deal – Blue Barrows

US-based private equity major Blackstone Group will sell up to 77 million units of Embassy Office Parks REIT, constituting 8.12% of total units outstanding as of June 30, 2022, through block deals on Tuesday, according to the term sheet issued by the bankers BofA Securities India, Morgan Stanley India, and .

The transaction would fetch the private equity firm around $ 325 million or Rs 2,660 crore at the floor price. The floor price has been fixed at Rs 345 per unit, a discount of 1.66% to Monday’s closing price of Rs 350.82.

Abu Dhabi Investment Authority (ADIA), the sovereign fund of Abu Dhabi, is believed to be participating in these block deals and picking up a stake worth $200 million in the REIT.

In September 2021, the global private equity major also sold around a 6% stake in Embassy Office Parks to raise around $275 million. The transactions reduced Blackstone’s stake in the REIT to 32%, from 38%.

Co-sponsored by the Blackstone Group and Embassy Group, Embassy Office Parks REIT is India’s first REIT listed in April 2019.