Blackstone, K Raheja to launch Rs 3,000 crore REIT

Realty developer K Raheja and US private equity firm Blackstone Group will offer to sell more than Rs 2,000 crore of their stake in Mindspace Business Parks REIT in its initial public offering, taking the total issue size to over Rs 3,000 crore, people with direct knowledge of the matter said. Besides the units that K Raheja and Blackstone are offering in their joint entity, the issue comprises Rs 1,000 crore of newly issued units. Mindspace Business Parks REIT has filed the draft IPO papers with markets regulator Securities & Exchange Board of India. This will be India’s second REIT issue. Embassy Office Parks REIT, where too Blackstone is a shareholder, listed its units in April 2019, after an IPO where it raised Rs 4,750 crore. “The listing of Mindspace Business Parks REIT is likely to take place by the end of the second quarter of 2020,” one of the people said. Both K Raheja and Blackstone declined to comment.