NEW DELHI: After months of speculations, Blackstone, one of the world’s largest investment firms, is expected to exit completely from Embassy Office Park REIT. This exit from the REIT is expected to take place through one of the largest block deals of recent times, valued at $833 million.
As per industry sources, Blackstone would be selling its entire stake of 23.6% in the listed company and the floor price for the same has been kept at Rs 310 per share. This floor price is nearly 8% lower than the current share price of Embassy REIT.
The company’s share on Wednesday closed 3.4% higher at `335.54. Its total market capitalisation stood a little less than Rs 32,000 crore. Blackstone has been reducing its holding in Embassy REIT over the years. In September 2022, the investment firm offloaded its stake worth $400 million to investors including the Abu Dhabi Investment Authority.