Private equity giant Blackstone India’s REIT (Real Estate Investment Trust) listing is likely to happen in mid-2017, ahead of which the company may undertake a corporate restructuring, demarcating its office spaces from the retail assets, geography-wise.
Blackstone is planning to list two separate REITs for its office assets: one with Pune-based Panchshil Realty, and the other with Bengaluru-based Embassy Property Developments. Blackstone is currently consolidating its assets in the West and North of India to bring out its REIT with Panchshil. The REIT may have an estimated 25-30 million sq ft office space under this ambit.
In South India, the company may consolidate its assets under Embassy with about 25 million sq ft under it. Sources said the REIT with Embassy may be the first to hit the market, having sought capital market regulator SEBI’s approval in October last year. Since 2006, Blackstone Real Estate has committed $2.8 billion in India, across 20 investments.
Read more: The Hindu