India’s first Blackstone-Embassy REIT to raise ₹5000 crores

Must Read

Jharkhand polls for 81 constituencies from November 30 to December 20; counting on 23rd December

Addressing a press meeting today, Chief Election Commissioner Sunil Arora has announced the poll dates for Jharkhand Legislative assembly....

Congress forms six-member committee of AICC to review situation of NRC in Assam

In a bid to review the condition of Assam state after the implementation of the NRC exercise, Congress party...

Shiv Sena elects Eknath Shinde as party’s legislative leader; Sunil Prabhu appointed as chief whip of party

In a striking breakthrough, Shiv Sena elected senior minister Eknath Shinde as the party's legislative leader today. It has...

Embassy office Parks is ready to commence its business after 4 years as the country’s first real estate investment trust (REIT). In order to match REIT’s regulation with global standards, government improvised its rules years before.

According to Economic Times, US-based Blackstone Group along with Bengaluru Embassy are likely to request the Securities and Exchange Board of India for raising ₹ 5000 crores from REIT’s first listing.

The Blackstone-Embassy REIT will have office portfolio twice as the size in comparison to others in Asia. Reportedly, it has an objective of achieving a market value of ₹35,000. It is now generating a total income of ₹2,200 crores. Among its 150 Embassy tenants are JP Morgan, Google, and Microsoft along with other Fortune 500 companies.

A source quoted by ET said, “The portfolio, both in terms of size and rental income, is much bigger than the earlier plan as Blackstone has contributed a few of its marquee income-generating assets. Majority of the assets in the REIT have been stabilised.”

The proposed REIT portfolio includes over 70 assets in Mumbai, Bengaluru, Pune and the National Capital Region. In addition, Blackstone has included its own commercial assets such as Express Tower in Nariman Point, part of the First International Financial Center in the Bandra-Kurla Complex and 247 Park at Vikhroli in Mumbai in the portfolio. In August, ET was first to report that Blackstone would expand the REIT portfolio by including its own assets in this issue.

The Embassy Parks office incepted in 2017 possesses a total of 70 assets in Pune, Mumbai, Delhi-NCR and Bengaluru. Apart from this, It has managed to construct 4 city centres and 7 large office parks.

The probable listing of REIT prior to Diwali will mark India’s entry intro global REIT markets competing with US, US, Japan, Singapore, Canada etc.


Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Yediyurappa opens Kalaburagi airport in north Karnataka

Kalaburagi (Karnataka), Nov 22 (IANS) Karnataka Chief Minister B.S. Yediyurappa on Friday opened the state-run Kalaburagi airport in north...

Yashwant Sinha in Kashmir, says will try to meet Farooq

Srinagar, Nov 22 (IANS) Former BJP leader Yashwant Sinha on Friday said he spoke to National Conference chief Farooq Abdullah who has been detained...

Samsung Galaxy Watch 4G: Make calls as you jog, drive

By Md Waquar HaiderNew Delhi, Nov 22 (IANS) As the market for wearable devices gain momentum in India -- which reaching an all-time high...

‘One stone will not deter him’: Mahindra on Subhash Chandra

New Delhi, Nov 22 (IANS) Days after Subhash Chandra-led Essel Group announced its plan to sell 16.5 per cent stake in ZEEL to financial...

‘India will resolve pollution issue sooner than Beijing’

New Delhi, Nov 22 (IANS) The Centre on Friday asserted in Lok Sabha that it would resolve air pollution issued in less time compared...
- Advertisement -

More Articles Like This