- Blackstone ( NYSE: BX ) is holding preliminary discussions with fellow private equity firm Bain Capital Specialty Finance ( NYSE: BCSF ) to sell around half of its investment in Embassy Office Parks, India's largest REIT, to Bain, Reuters reported Tuesday, citing two sources familiar with the matter.
- The potential deal, which would be worth up to $480M at current prices, would mark Bain's ( BCSF ) first investment in an Indian-based REIT, and comes at a time when the decay of the Covid-19 pandemic prompts investment in office space, the report said.
- In the coming weeks, the transaction is expected to be executed through block deals on Indian stock exchanges, one of the sources told Reuters, noting neither a timeline nor pricing have yet to be finalized.
- The transaction would mark Blackstone's ( BX ) fourth sale as the private equity giant adjusts its portfolio, as per the report . It started cashing in on its Embassy REIT stake -- now worth roughly $960B -- in 2020 followed by sales in 2021 and 2022.
- In March 2019, Embassy REIT reportedly sought to raise $682M in India's first REIT listing .
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Blackstone said in talks with Bain Capital to sell ~50% stake in India's largest REIT