Latest News | Blackstone Sells 33 Crore Units in Nexus Select Trust for Rs 4,550 Cr
Get latest articles and stories on Latest News at LatestLY. Global investment firm Blackstone on Friday sold 33 crore units in its REIT firm 'Nexus Select Trust' for around Rs 4,550 crore through a block deal on stock exchanges as part of a strategy to monetise real estate portfolio, according to sources.
New Delhi, Aug 9 (PTI) Global investment firm Blackstone on Friday sold 33 crore units in its REIT firm 'Nexus Select Trust' for around Rs 4,550 crore through a block deal on stock exchanges as part of a strategy to monetise real estate portfolio, according to sources.
Blackstone currently holds around 43 per cent stake in Nexus Select Trust, which is India's first real estate investment trust (REIT) backed by retail properties.
According to sources, Blackstone sold 33 crore units in Nexus Select Trust at Rs 138 apiece against the floor price of Rs 135 apiece. The domestic mutual fund and insurance companies, including ICICI Prudential, HDFC Life Insurance and HDFC Life Insurance picked up a majority of units. Among foreign companies, Wells Capital Group and Carmignac bought units of the REIT firm.
Many existing investors also increased their unit holdings in Nexus Select Trust.
Blackstone has monetised its investment in Nexus Select Trust through this block deal.
Post divestment, Blackstone's stake in Nexus Select Trust will reduce to 21 per cent.
Nexus Select Trust's portfolio comprises 17 shopping malls with a gross leasable area of 9.9 million square feet spread across 14 cities, two complementary hotel assets (354 keys) and three office assets with a gross leasable area of 1.3 million square feet.
Blackstone has sponsored three REITs in India -- Embassy Office Parks REIT, MindspaceREIT and Nexus Select Trust, which got listed last year after raising more than Rs 3,000 crore through public issues.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)