BENGALURU :
World asset administration agency Blackstone Group Lp on Monday offered its whole 9.2% stake in Mindspace REIT to Abu Dhabi Funding Authority (ADIA) for $235 million, based on two folks accustomed to the event.
Mindspace REIT is backed by Mumbai-based actual property agency Okay Raheja Corp and Blackstone. Blackstone had acquired a 15% stake minority stake in a clutch of workplace tasks of Okay Raheja Corp. in March 2017. It offered part of its stake for $100 million on the IPO and retained 9.2% within the REIT (Actual Property Funding Belief).
Blackstone, presently the most important business workplace area proprietor within the nation, on Monday offered its remaining 9.2% stake at ₹320 per unit, which is a 16% premium over the August 2020 value of ₹275 per unit throughout Mindspace’s public itemizing.
The deal additionally marks the debut funding for ADIA within the home REIT area.
In August 2020, Mindspace Enterprise Parks was listed as India’s second actual property funding belief or REIT, after the Embassy REIT itemizing in 2019.
The $600 million Mindspace IPO was listed on the inventory change in 2020, quickly after the nation got here out of an unprecedented lockdown owing to the pandemic, and was well-received with broad-based curiosity from each worldwide and home buyers. The REIT contains ten Grade-A workplace belongings totaling 31 million sq ft situated throughout key workplace markets.
“Blackstone has emerged as probably the most aggressive institutional investor in India with total belongings underneath administration estimated to be $60 billion throughout varied sectors, making it one of many high 10 enterprise teams within the nation.
Actual property accounts for almost $20 billion of this market worth throughout its 42 investments. It’s the largest workplace and retail belongings proprietor in India with an workplace portfolio of 135 million sq ft and over 16 million sq ft of retail area and 40 million sq ft of logistics area,” mentioned one of many individuals talked about above, who didn’t want to be named.
Spokespersons from Blackstone and Okay Raheja Corp declined to remark. Mint couldn’t instantly attain out to ADIA.
Final 12 months, Blackstone trimmed its stake within the Embassy Workplace Parks REIT via block offers within the open market. It raised $275 million by promoting round 6% stake within the listed entity. Subsequently, Blackstone’s holding within the REIT to 32% from 38%.
Supply: Live Mint