Blackstone Offloads Significant Stake in Nexus Select Trust REIT for ₹4,550 Crore
Blackstone sells 33 crore units in Nexus Select Trust REIT for ₹4,550 crore, reducing its stake to 21%. The sale is part of the firm's strategy to monetize its real estate portfolio.
BlackstoneNexus Select TrustReitReal EstateInvestmentReal Estate PuneAug 09, 2024
Domestic mutual funds and insurance companies, including ICICI Prudential and HDFC Life Insurance, acquired the majority of the units. Foreign companies like Wells Capital Group and Carmignac also participated in the deal. Several existing investors increased their holdings in Nexus Select Trust.
This strategic divestment has reduced Blackstone's stake in Nexus Select Trust to 21%. The Trust's portfolio includes 17 shopping malls with a gross leasable area of 9.9 million square feet across 14 cities, two complementary hotel assets with 354 keys, and three office assets with a gross leasable area of 1.3 million square feet.
Blackstone, which has sponsored three REITs in India, including Embassy Office Parks REIT and MindspaceREIT, listed Nexus Select Trust last year after raising more than ₹3,000 crore through public issues. The sale is part of the firm's strategy to monetize its real estate portfolio.
Information
Blackstone is a global investment firm that has been actively investing in India's real estate sector. The firm has sponsored three REITs in India, including Embassy Office Parks REIT and MindspaceREIT.
Blackstone is a global investment firm that invests in private equity, real estate, and other alternative asset classes.
Frequently Asked Questions
How much stake did Blackstone sell in Nexus Select Trust REIT?
Blackstone sold 33 crore units in Nexus Select Trust REIT for approximately ₹4,550 crore.
Who acquired the majority of the units sold by Blackstone?
Domestic mutual funds and insurance companies, including ICICI Prudential and HDFC Life Insurance, acquired the majority of the units.
What is the current stake of Blackstone in Nexus Select Trust REIT?
Blackstone's stake in Nexus Select Trust REIT has been reduced to 21% after the sale.
What is the portfolio of Nexus Select Trust REIT?
The Trust's portfolio includes 17 shopping malls with a gross leasable area of 9.9 million square feet across 14 cities, two complementary hotel assets with 354 keys, and three office assets with a gross leasable area of 1.3 million square feet.
Why did Blackstone sell its stake in Nexus Select Trust REIT?
The sale is part of Blackstone's strategy to monetize its real estate portfolio.
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