Blackstone Inc. is planning to file as quickly as subsequent month for an preliminary public providing of its Indian shopping center portfolio that would increase about $500 million, folks conversant in the matter stated.
The non-public fairness agency has been interviewing advisers for the Mumbai itemizing of an actual property funding belief, based on the folks, who requested to not be recognized as a result of the data is non-public. Blackstone’s Indian retail portfolio, which is held by way of its Nexus Malls unit, may very well be valued at about $2.5 billion, the folks stated. The REIT may very well be listed as quickly as 2023, they stated.
Preparations are at an early stage, and particulars of the itemizing might change, the folks stated. An organization consultant declined to remark.
Nexus Malls operates 17 procuring facilities throughout 13 Indian cities and has about 10 million sq. ft of retail area, its web site exhibits. The group purchased its first mall in Gujarat in 2015.The corporate acquired seven malls from Status Estates Initiatives Ltd. as a part of a deal agreed in 2020. Blackstone is the most important business actual property proprietor in India. It’s a backer of Embassy Workplace Parks REIT, the primary property belief to conduct an IPO in India. The automobile raised Rs 47.5 billion in 2019.
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