Blackstone, the largest alternative assets manager in the world, has started discussion with partners and its bankers on consolidating its office properties in this country, with the idea of floating a real estate investment trust (Reit), said a senior executive. Blackstone and its partners, the Bengaluru-based Embassy and Pune-based Panchshil, own about 35 mn sq ft of office properties, valued at Rs 24,500 crore ($3.65 billion), said the executive. “It could be a $2-3 bn issue (Rs 13,500 to Rs 20,000 crore),” said the executive. If the Reit comes out, it would beat the initial public offering size of DLF, the country’s largest property developer. That had raised Rs 9,180 crore in 2007.
Read more: Business Standard
