Blackstone to Launch REIT IPO of $1B, Asia’s Largest, in India
Blackstone, a prominent private equity firm, is set to make its mark in the Indian real estate market with the launch of its highly anticipated initial public offering (IPO) for a real estate investment trust (REIT) focused on office portfolios. This groundbreaking move is expected to position the REIT as Asia’s largest IPO of its kind, boasting impressive square footage and an estimated issue size ranging from $800 million to $1 billion, as reported by Hindu Businessline.
The REIT will encompass a substantial 45 million square feet (msf) of valuable assets, including the renowned Nucleus Office Parks, along with assets derived from Blackstone’s two strategic joint ventures with Pune-based Panchshil Realty and Bengaluru-based Salarpuria Sattva group.
While the firm is currently in the process of finalizing its investment bankers, sources indicate that the REIT is projected to be listed in the early months of the coming year. This significant move marks Blackstone’s continued commitment to the Indian market, highlighting its confidence in the region’s real estate sector.
Nucleus Office Parks, a key player in the Indian commercial real estate landscape, boasts an impressive portfolio of over 20 msf of prime commercial assets strategically located in prominent cities such as Mumbai, Gurugram, Chennai, Bengaluru, and Ahmedabad. Furthermore, Blackstone’s joint ventures contribute an additional 22-25 msf of managed assets, further cementing the company’s influence in the Indian market.
The forthcoming REIT will mark Blackstone’s second majority-sponsored REIT in India, following the successful listing of Nexus Select Trust just last month. With a vast portfolio of Grade A office spaces across major office markets and IT hubs in India, Blackstone’s website reveals their ownership of over 125 msf of premium office space, highlighting their status as a leading asset manager.
About Blackstone:
Blackstone Inc. is a New York City-based American company specializing in alternative investment management. Over the past thirty years, Blackstone has emerged as one of the leading investors in leveraged buyouts through its private equity division. Additionally, the company’s real estate division has been actively involved in the acquisition of commercial real estate properties.
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