Blackstone to sell $400m stake in Indian REIT Embassy

MUMBAI, Sept 25 (Reuters): Blackstone Inc will sell a stake worth up to $400 million in Embassy Office Parks REIT, India's biggest real estate investment trust, via Indian stock exchange block deals, three sources familiar with the matter told Reuters.
Abu Dhabi's sovereign wealth fund, one of the world's largest, is likely to pick up at least half of the stake that Blackstone is to sell, one of the sources said.
Embassy Office Parks, India's first REIT to list in 2019, owns and operates more than 42 million square feet portfolio of office parks and office buildings in cities such as Bengaluru and Mumbai. It is the largest office REIT in Asia by area.
In the block deals being planned on the Indian exchanges early next week, Blackstone's sale would be worth about $300-400 million, said the sources, all of whom declined to be named as the discussions are private and sensitive.
Spokespersons for Blackstone and Bengaluru-based Embassy did not immediately respond to a request for comment. A spokesperson for Abu Dhabi Investment Authority (ADIA) in Abu Dhabi declined to comment.
Shares in the Embassy REIT closed at 354.42 Indian rupees on Friday in Mumbai, giving it a market capitalisation of $4.15 billion.