Blackstone, Embassy file for India’s first Reit

India’s first and Asia’s largest Real Estate Investment Trust (Reit) would be out soon, with Blackstone and Embassy Group filing the offer document with market regulator Securities and Exchange Board of India (Sebi) to raise over Rs 5,000 crore.

This REIT would be the largest in Asia in terms of the size of the portfolio of 33 million square feet and is likely to be launched in the market later this fiscal.

A Draft Red Herring Prospectus (DRHP) has been filed by the by the joint venture between global investment company Blackstone and Bengaluru-based Embassy Group. The joint venture named Embassy Office Parks has an option to raise another 25%.

On the Reit filing, Joe Verghese, managing director, Colliers International India, said, “The Blackstone-Embassy Reit is poised to be one of the biggest milestones for the Indian real estate industry this year. Positioned to be the biggest Reit in Asia in terms of portfolio, the Reit will also be the first opportunity for retail investors to participate in investing into a single office asset platform with assets not only in Asia’s number one city of choice for technology occupiers but also in the major office districts of India. For the industry, it opens up a new avenue for the exit for institutional office assets investments as well as provides developers a new avenue to gain more liquidity.”