New Delhi, March 13 (IANS) Embassy Office Parks, a joint venture between Embassy Group and private equity firm Blackstone Group, plans to raise Rs 4,750 crore from India's first public offering of a real estate investment trust (REIT) next week.
The REIT issue, priced at Rs 299-300 per unit, will open on March 18 and close on March 20, the company said. The anchor book will open on March 15, the company said in a public announcement on Wednesday.
The units are proposed to be listed on both the BSE and the National Stock Exchange. The minimum bid size would be 800 units and in multiples of 400 units thereafter.
Proceeds from the IPO would be used for partial or full repayment of debt, payment for acquisition of the Embassy One Assets currently held by Embassy One Developers and for other general purposes.
Embassy Office Parks, a joint venture between the Bengaluru-based property developer and global private equity firm Blackstone, has placed around three crore square feet of office and hospitality assets under its proposed REIT, comprising of seven business parks and four city-centric buildings in Mumbai, Bengaluru, Pune and Noida.
Commenting on the development, Anshuman Magazine, Chairman of CBRE for India, South East Asia, Middle East Africa said: "The launch of Blackstone-Embassy Group's REIT marks an important milestone in the Indian real estate sector. The listing and its subsequent performance would be closely monitored by various stakeholders. A successful REIT listing might result in multiple offerings by various other sponsors in the near future."
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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