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Blackstone exits Mindspace Business Parks REIT; sells stake for Rs 1,740 cr

New Delhi, Jan 10 (PTI) Global investment firm Blackstone has sold its entire 9.16 per cent stake in Mindspace Business Parks REIT for Rs 1,740 crore through an open market transaction.

The units were purchased by Platinum Illumination Trust in a bulk deal on stock exchanges.

As per BSE’s bulk deal data, Platinum Illumination A 2018 Trust purchased over 5.43 crore units at an average price of Rs 320, valuing the deal at Rs 1,740 crore.

Blackstone-entity BREP Asia SG Pearl Holding NQ Pte Ltd sold nearly 5.43 crore units of Mindspace Business Parks REIT worth Rs 1,737.32 crore.

On BSE, Mindspace Business Parks REIT (real estate investment trusts) ended 1.35 per cent lower at Rs 324.46 on Monday.

Mindspace Business Parks REIT, sponsored by K Raheja Corp group, was listed on the Indian bourses in August 2020.

The REIT owns quality office portfolios located in four key office markets of India, namely Mumbai Region, Pune, Hyderabad, and Chennai.

It has a total leasable area of 31.3 million square feet.

REIT, a popular instrument globally, was introduced in India a few years ago for attracting investment in the real estate sector by monetising rent-yielding assets.

It helps unlock the massive value of real estate assets and enable retail participation.

The first REIT of Rs 4,750 crore issue size was listed in April 2019 by Embassy Office Parks, backed by Bengaluru-based Embassy group and global investment firm Blackstone.

In August 2020, K Raheja backed Mindspace Business Parks launched the country’s second REIT to raise Rs 4,500 crore.

Global investment firm Brookfield launched the country’s third REIT this year to raise Rs 3,800 crore. PTI SRS MJH AQS AQS

This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.

Source: The Print

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