Blackstone leaves Mindspace Business Parks REIT; sales share for Rs 1 740 million

Blackstone leaves Mindspace Business Parks REIT; sales share for Rs 1 740 million

Global investment company Blackstone has sold its whole 9.16 percent stake in Mindspace Business Parks REIT for Rs 1,740 crore through an open market exchange. The units were bought by Platinum Illumination Trust in a bulk arrangement on stock trades. According to BSE’s bulk deal data, Platinum Illumination A 2018 Trust bought over 5.43 crore units at a normal cost of Rs 320, esteeming the deal at Rs 1,740 crore. Blackstone-entity BREP Asia SG Pearl Holding NQ Pte Ltd sold almost 5.43 crore units of Mindspace Business Parks REIT worth Rs 1,737.32 crore.

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

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

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

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 has a total leasable area of 31.3 million square feet.

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.

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