09 August 2024, 08:20 IST
Blackstone plans to sell 33 crore units of its REIT firm Nexus Select Trust for nearly Rs 4,500 crore through a block deal on the stock exchange.
New Delhi, Aug 8 (PTI) Global investment firm Blackstone plans to sell 33 crore units of its REIT firm Nexus Select Trust for nearly ₹4500 crore through a block deal on the stock exchange, sources said.
Blackstone currently holds a stake of around 43 percent in Nexus Select Trust, India’s first real estate investment trust (REIT) backed by retail properties.
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According to sources, Blackstone plans to sell 33 crore units of Nexus Select Trust at a minimum price of ₹135 each.
The block deal is expected to take place on August 9.
Blackstone intends to monetize its investment through this block deal.
Following the sale of these units, Blackstone’s stake in Nexus Select Trust will fall to 21 percent.
Nexus Select Trust’s portfolio includes 17 shopping malls with a total leasable area of 9.9 million square feet spread across 14 cities in India, two complementary hotel properties (354 rooms) and three office properties with a total leasable area of 1.3 million square feet.
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Blackstone has sponsored three REITs in India – Embassy Office Parks REIT, MindspaceREIT and Nexus Select Trust, which went public last year after raising more than ₹3000 crore through public issues.
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