Blackstone Plans Divesting $480M Worth Stake In Indian REIT To Bain Capital: Report

Investment banking company Blackstone Inc BX is planning to sell half its stake in the Indian real estate investment trust Embassy Office Parks (REIT).
The company is in talks with the potential buyer, private equity firm Bain Capital for the same, Reuters reported.
The deal, if materialized would be valued at about $480 million.
The talks are still in a preliminary stage and a timeline or pricing has not been concluded.
Embassy Office Parks is India's first REIT to list in 2019, operating more than 43.2 million square feet of office space.
Blackstone, out of its total stake of 24% in Embassy REIT, plans to sell 10% - 12%.
Bain Capital, which manages more than $160 billion in assets globally, has invested more than $3 billion in India in the last decade.
The deal would be Bain’s first REIT investment in India.
As the COVID-19 pandemic tails off, the demand for office space in India is picking up fast as workers return to office.
Price Action: BX shares are trading higher by 1.62% at $89.25 in premarket on the last check Tuesday.