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Bain to acquire stake in $4bn Indian REIT from Blackstone

Private equity firm Bain Capital is in talks with Blackstone to acquire around 50% of its stake in Embassy Office Parks, India’s largest real estate investment trust (REIT), in a deal worth up to $480 million, according to a report by Reuters.

Private equity firm Bain Capital is in talks with Blackstone to acquire around 50% of its stake in Embassy Office Parks (Embassy), India’s largest real estate investment trust (REIT), in a deal worth up to $480 million, according to a report by Reuters.

Should the deal proceed, it would mark a debut REIT investment for Bain in India and see Blackstone compete a further sell-down of its Embassy stake following sales in 2020, 2021 and 2022. Blackstone’s most recent sell-off saw the US investment firm sell shares worth $400 million in the REIT to investors including the Abu Dhabi Investment Authority.

According to Reuters’ sources, the talks are still at a preliminary stage, but the plan is to execute the transaction via block deals on Indian stock exchanges in the coming weeks, with a timeline or pricing yet to be finalised.

Blackstone currently owns 24% of Embassy REIT, which owns and operates more than 43.2 million square feet of office parks and office buildings in cities including Bengaluru and Mumbai, and has a market capitalisation of nearly $4 billion.
 

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