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

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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.

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