Blackstone Offloads 31.55 Crore Units in Nexus Select Trust for Rs 4,355 Crore
Blackstone, a global investment company, has sold a significant stake in its REIT firm Nexus Select Trust, backed by retail properties, to profit from its real estate assets.
Real EstateReitBlackstoneNexus Select TrustInvestmentReal EstateAug 10, 2024
As per trading information, Blackstone disposed of 31.55 crore shares in Nexus Select Trust at Rs 138 each, resulting in a total transaction amount of Rs 4,354.90 crore. ICICI Prudential Mutual Fund and HDFC Mutual Fund, among other domestic mutual funds, acquired units of Nexus Select Trust.
According to information on the NSE, Wells Fargo and Morgan Stanley, both US-based financial services companies, purchased shares in the company, while French asset management company Carmignac bought shares in the REIT firm. These organizations obtained a combined total of 11.75 crore units, equivalent to a 7.76 percent ownership in Nexus Select Trust.
As per the information available, they bought these units for Rs 138 each on average, resulting in a total transaction value of Rs 1,622.49 crore. Several current investors also raised their stake in Nexus Select Trust. Blackstone has converted its investment in Nexus Select Trust into cash through this block deal.
After selling off some of their shares, Blackstone's ownership in Nexus Select Trust will decrease to 21 percent. Nexus Select Trust's collection includes 17 shopping centers covering 9.9 million square feet in 14 cities, two hotels (354 rooms), and three office buildings totaling 1.3 million square feet.
Blackstone has backed three REITs in India -- Embassy Office Parks REIT, MindspaceREIT and Nexus Select Trust, which went public last year and raised over Rs 3,000 crore. According to trading information from the NSE and BSE, Blackstone, through its related companies BREP Asia II Indian Holding Co IX (NQ) and BREP Asia SG Red Fort Holding NQ, sold shares of Nexus Select Trust, a real estate investment trust (REIT), in individual large transactions.
The units were sold for an average of Rs 138 each, resulting in a total transaction value exceeding Rs 4,354 crore. The BSE could not determine the identities of the purchasers of Nexus Select Trust units. The units of Nexus Select Trust experienced a sharp decline of 4.93 per cent, finishing at Rs 137.05 each on the NSE and Rs 137.88 on the BSE, down by 4.51 per cent.
Nexus Select Trust is a real estate investment trust (REIT) that was launched in 2022. It is backed by retail properties and is one of the largest REITs in India. The trust has a portfolio of 17 shopping centers, two hotels, and three office buildings across 14 cities in India.
Information
Blackstone is a global investment company that manages over $500 billion in assets. It has a significant presence in India, with investments in real estate, private equity, and other sectors.
Blackstone is a global investment company that manages over $500 billion in assets. It has a significant presence in India, with investments in real estate, private equity, and other sectors.
Frequently Asked Questions
What is Nexus Select Trust?
Nexus Select Trust is a real estate investment trust (REIT) that was launched in 2022. It is backed by retail properties and is one of the largest REITs in India.
How much did Blackstone sell its stake in Nexus Select Trust for?
Blackstone sold 31.55 crore units in Nexus Select Trust for approximately Rs 4,354.90 crore.
Who are the major investors in Nexus Select Trust?
ICICI Prudential Mutual Fund, HDFC Mutual Fund, Wells Fargo, Morgan Stanley, and Carmignac are some of the major investors in Nexus Select Trust.
What is the impact of the sale on Blackstone's ownership in Nexus Select Trust?
After selling off some of their shares, Blackstone's ownership in Nexus Select Trust will decrease to 21 percent.
What is the portfolio of Nexus Select Trust?
Nexus Select Trust has a portfolio of 17 shopping centers, two hotels, and three office buildings across 14 cities in India.
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