Blackstone Inc is gearing as much as file the draft papers for the launch of its office-based actual property funding belief (REIT) in India, someday in February, sources mentioned.
With a dimension of $700-750 million, this would be the nation’s largest REIT. The US-based asset supervisor can also be understood to have appointed Kotak Mahindra Capital Firm because the lead funding banker.
Blackstone declined to touch upon the proposed submitting., and Kotak didn’t reply to an electronic mail looking for clarification.
Sources additionally confirmed that the REIT will include round 50 million sq. ft of property belonging to Blackstone underneath Nucleus Workplace Parks and people developed collectively with Bengaluru-based actual property developer Sattva Group. Property held underneath a three way partnership between Blackstone and Panchshil Realty wouldn’t type a part of the REIT portfolio, they asserted.
Blackstone has a portfolio of 20 million sq. ft underneath Nucleus, whereas with Sattva it has a joint portfolio of 32 msf of which 18 msf is accomplished.
Below Nucleus Parks, it has 14 properties throughout 5 cities – Mumbai, Gurugram, Chennai, Bengaluru, and Ahmedabad. 5 of the properties comparable to One BKC, One Worldwide Centre, Prima Bay are positioned in Mumbai whereas in Bengaluru it owns property comparable to One Commerce Tower and Cessna Enterprise Park.
The joint tasks between Blackstone and Sattva embody Data Metropolis and Data Park in Hyderabad and Sattva International Metropolis in Bengaluru. Sattva International (previously Village Tech Park) is a inexperienced tech park and was acquired from Espresso Day Enterprises. It’s majority owned by Blackstone.
At current there are 4 listed REITs in India with ₹1.2 lakh crore of property underneath administration, market capitalisation of over ₹75,000 crore and a portfolio overlaying 113.5 msf. Three are office-based REITs and one retail based mostly.
