Blackstone, K Raheja plan REIT for commercial portfolio
American private equity major Blackstone Group and realty developer K Raheja Corp are set to take their jointly-owned 20 million sq ft commercial portfolio public through the listing of a Real Estate Investment Trust (REIT) by March, two persons with direct knowledge of the development said. This will be India’s second REIT after the listing of Embassy Office Parks, a joint venture between Blackstone and Embassy Group, earlier this year. Both--Blackstone and K Raheja Corp--are in the process of hiring at least six investment bankers for the proposed issue that will be launched by March. Of the six bankers, Morgan Stanley has already been roped in and the rest are likely to be hired anytime soon.
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