India's Embassy Office Parks to raise $722.1 mln via REIT listing

Embassy Office Parks, an Indian tenanted office portfolio co-owned by U.S. private equity giant Blackstone and real estate developer Embassy, plans to file documents with regulator Securities and Exchange Board of India to raise 5,250 crore rupees ($722.1 million) through a Real Estate Investment Trust (REIT) listing.

With this deal, India will join the league of REIT markets such as the U.S., UK, Singapore, Japan Australia and Canada. Embassy Office Parks will list 33 million square feet of office real estate portfolio under the REIT.

The assets owned and shared by Blackstone will make up for 80 percent of the proposed REIT while Embassy Group assets will be under 20 percent.

The REIT is expected to list before Diwali depending on market conditions and regulatory approvals.