Blackstone offloads entire stake in Embassy REIT for ₹7,100 crore

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Blackstone has sold its entire 23.5% stake in Embassy Office Parks REIT for ₹7,100 crore ($850 million) at ₹316.10 a unit, sources said.

The acquirers included existing investors Capital Group, Fidelity, Bain Capital, ICICI Mutual Fund, HDFC Mutual Fund and SBI Mutual Fund, who have become new investors.

The trade price was slightly higher than the floor price of ₹310 but at a discount to the current market price of ₹335.

With this transaction Blackstone has fully exited its investment in Embassy REIT, which was listed on the bourses in 2019 as the first REIT in the country. In 2022 it exited Mindspace Business Parks REIT, where was been one of the sponsors.

The PE firm had been negotiating with Bain Capital earlier this year to sell its stake in Embassy REIT but could not agree on the pricing and valuation.

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