Blackstone is in talks to sell around half of its stake in India's largest real estate investment trust Embassy Office Parks to private equity firm Bain Capital, two sources said, in a deal worth up to $480 million at current prices.
to private equity firm Bain Capital, two sources said, in a deal worth up to $480 million at current prices.
A spokesperson for Blackstone declined to comment while Bain Capital and Embassy did not respond to requests for comment. The sources did not wish to be named as the discussions are private. Blackstone currently owns 24% of the Embassy REIT, which has a market capitalisation of nearly $4 billion. The private equity group is planning to sell about 10%-12% of it, the sources said. That will be worth $400 million-$480 million based on Monday's closing price of the Embassy REIT on the stock exchange in Mumbai.
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