Blackstone looks to list retail properties REIT valued at over $2bn

Dec 22, 2021 | News

Blackstone Group is reportedly planning to list India’s first retail properties-centred real estate investment trust (REIT) valued at about $2.2-2.5bn.

The US-based private equity firm is planning to list the proposed REIT by mid-2022 after integrating and preparing its portfolio of mall properties across the country, Economic Times reported, citing sources.

As per the report, Blackstone’s portfolio of income-producing retail assets is estimated to be valued at about $2.5 billion or Rs 18,750 crore.

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Blackstone has initiated work on internal processes like identifying assets but investment bankers are likely to be onboarded by February, sources told the publication.

According to the report, the portfolio of retail properties for the REIT will be a combination of its subsidiary Nexus Malls and the assets acquired through a $1.5-billion deal with Prestige Group.

Blackstone’s real estate business was founded in 1991 and it has $240 billion of investor capital under management.

Nexus Malls is the Indian retail portfolio arm of investment firm Blackstone Group, which is also the largest commercial office space owner in the country.

Blackstone is one of the largest property owners in the world, owning and operating assets across every major geography and sector, including logistics, multifamily and single family housing, office, hospitality and retail.

Source: Money Control

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