Global investment firm Blackstone has sold its entire 9.16 per cent stake in Mindspace Business Parks REIT for ₹1,740 crore through an open market transaction.
The units were purchased by Platinum Illumination Trust in a bulk deal on stock exchanges.
Transaction
As per BSE's bulk deal data, Platinum Illumination A 2018 Trust purchased over 5.43 crore units at an average price of ₹320, valuing the deal at ₹1,740 crore.
Blackstone-entity BREP Asia SG Pearl Holding NQ Pte sold nearly 5.43 crore units of Mindspace Business Parks REIT worth ₹1,737.32 crore.
On BSE, Mindspace Business Parks REIT (real estate investment trusts) ended 1.35 per cent lower at ₹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 ₹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 ₹4,500 crore.
Global investment firm Brookfield launched the country's third REIT this year to raise ₹3,800 crore.