A deal would mark U.S.-based Bain’s first REIT investment in India where office space is drawing in investors as many workers have returned to offices with the waning of the COVID-19 pandemic. For Blackstone, it would mean a further selldown of its Embassy stake as it adjusts its portfolio.
Reuters
January 24, 2023 / 12:15 PM IST
(Representative image: Reuters)
Blackstone is in talks to sell around half of its stake in India’s largest real estate investment trust Embassy Office Parks to private equity firm Bain Capital, two sources said, in a deal worth up to $ 480 million at current prices.
A deal would mark U.S.-based Bain’s first REIT investment in India where office space is drawing in investors as many workers have returned to offices with the waning of the COVID-19 pandemic. For Blackstone, it would mean a further selldown of its Embassy stake as it adjusts its portfolio.
The talks are still at a preliminary stage, the sources told Reuters. The plan is to execute the transaction via block deals on Indian stock exchanges in the coming weeks, though a timeline or pricing has not been finalized, said the first source who had direct knowledge of the matter.
A spokesperson for Blackstone declined to comment while Bain Capital and Embassy did not respond to requests for comment. The sources did not wish to be named as the discussions are private.
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