Blackstone spins out of Mindspace Business Park REIT; Stake sold for Rs 1,740 crore – World Affairs SRS

Blackstone spins out of Mindspace Business Park REIT; Stake sold for Rs 1,740 crore

– World Affairs SRS

Global investment firm Blackstone has sold its entire 9.16 per cent stake in Mindspace Business Park REIT for Rs 1,740 crore through an open market transaction.

The units were bought by Platinum Illumination Trust in a wholesale deal on the stock exchanges.

According to BSE wholesale deal data, Platinum Illumination A 2018 Trust bought over 5.43 crore units at an average price of Rs 320, valuing Rs 1,740 crore.

Blackstone-entity BREP Asia SG Pearl Holding NQ Pte Ltd sold around 5.43 crore units of Mindspace Business Park REIT, valued at Rs 1,737.32 crore.

On the BSE, Mindspace Business Park REIT (real estate investment trust) on Monday closed down 1.35 per cent at Rs 324.46.

Mindspace Business Park REIT sponsored by K Raheja Corp Group was listed on the Indian stock exchanges in August 2020.

The REIT owns quality office portfolios located in four major office markets of India, namely the Mumbai region, Pune, Hyderabad and Chennai.

Its total area is 31.3 million square feet.

REITs, a popular instrument globally, were introduced a few years back to attract investments in the real estate sector by monetizing rental property in India.

This helps in unlocking the massive value of real estate properties and enabling retail participation.

The first REIT with an issue size of Rs 4,750 crore was listed in April 2019 by Embassy Office Parks, backed by Bengaluru-based Embassy Group and global investment firm Blackstone.

In August 2020, K Raheja-backed Mindspace Business Park launched the country’s second REIT to raise Rs 4,500 crore.

Global investment firm Brookfield launched the country’s third REIT this year to raise Rs 3,800 crore.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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