Rahejas eye $500 million from deal with Temasek, Warburg Pincus

K Raheja Corp, one of the largest developers of IT parks, is in talks with Singapore-based Temasek Holdings and American private equity firm Warburg Pincus to sell stake in its office space holding company, said a source in the know. The C L Raheja-promoted company wants to sell 20 per cent stake in the office space arm and the final deal could be pegged at around $500 million, sources said. The group started the process two to three months ago. Sovereign and pension funds such as GIC and CPPIB have stayed away from the deal as it is a minority stake sale, it is learnt. The stake sale could be a precursor to Rahejas hitting the market with a real estate investment trust (REIT).

Read more: Business Standard