Blackstone to sell $400m stake in REIT Embassy

MUMBAI, Sept 23 (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.

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.